Global Energy Metals Corporation (CVE:GEMC) (OTCQB:GBLEF) said it had closed a second, oversubscribed, and final tranche of its previously announced placing, enabling it to fund its acquisition of an 85% interest in two prospective battery mineral projects in Nevada.
Historic work, along with preliminary exploration by Global Energy Metals last year, confirmed the prospective nature of the Lovelock Mine and Treasure Box assets, which lie just 150km from Sparks, the home of the planet's largest lithium-ion battery production plant built by Tesla (NASDAQ:TSLA) and Panasonic.
READ: Global Energy Metals receives approval to complete on 85% ownership deal for Nevada-based nickel, copper, cobalt projects
In the second tranche, the firm issued over 2.8 million units at C$0.125 each for gross proceeds of C$356,500 including 1.6 million units, which were initially announced as part of the first tranche closing.
In all, over 5.27 million units will be issues in connection with the financing, raising a total of C$659,750 gross, the firm noted.
Each unit consists of one company share and one share purchase warrant, which entitles the bearer to buy a share for C$0.15 per share for 36 months from closing.
Previously, Mitchell Smith, Global Energy Metals’ president and CEO, has said: "This is a significant and strategic acquisition in that we believe the Lovelock Mine and Treasure Box projects, located just 150km from Sparks, Nevada, establishes new discovery potential by adding key exploration targets in a superior mining district while complementing the Company's strong portfolio of battery mineral assets that are also located in geopolitically safe mining jurisdictions.
"The Lovelock Mine and Treasure Box projects provide tremendous opportunity to further strengthen our exposure to cobalt, nickel and copper - critical minerals that are the core building blocks fueling the electrification of vehicles and new energy storage."
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