Primary Energy Metals Inc (CSE:PRIM) (OTCMKTS:PEMTF) announced Wednesday that it has appointed cannabis and finance executive Joel Shacker to its board of directors, as well as announcing a non-brokered private placement with plans to raise up to C$1 million.
The Vancouver-based junior explorer said it will offer up to 13.33 million units at a price of C$0.075 per unit, for gross proceeds of up to C$1 million. Each unit will consist of one common common share, and one-half-of-one common share purchase warrant, which can be exercised at a price C$0.15 over a two-year period.
The company also announced a shift in its board of directors, welcoming new appointee Joel Shacker, who has worked extensively in the cannabis and finance space.
Shacker has a long list of experience and has sat on the board of directors for the cannabis lifestyle company, Weekend Unlimited Inc. Shacker has experience in expansion into international cannabis markets and has overseen and developed operations from the ground up. He entered the cannabis space by founding a cannabis extraction company which specialized in licensing proprietary formulas to producers, according to a company release.
Primary Energy Metals also announced that Chaimae El Amri has stepped down from the board of directors to pursue other ventures and thanked her for her contributions to the company.
Primary Energy Metals is focused on vanadium, cobalt, copper and nickel-focused mineral resource properties.
Shares of Primary Energy Metals were at C$0.10 on Wednesday.
Contact Katie Lewis at [email protected]