Powered BY Cobalt … Driven BY Demand Global Energy Metals Sells Interest IN Werner Lake Project and Gains Equity Exposure to Battery and Precious Minerals Portfolio Held BY CBLT Inc.
TSX.V GEMC
www.globalenergymetals.com
Suite 1501,
Sun Tower
128 West Pender St. Vancouver,
BC
V6B 1R8
T +1.604.688.4219
TwiGer @EnergyMetals
Powered by Cobalt … Driven by Demand
GLOBAL ENERGY METALS SELLS INTEREST IN WERNER LAKE
PROJECT AND GAINS EQUITY EXPOSURE TO BATTERY AND
PRECIOUS MINERALS PORTFOLIO HELD BY CBLT INC.
Vancouver, BC / TheNewswire / November 26, 2020 / Global Energy
Metals Corporation TSXV:GEMC | OTCQB:GBLEF | FSE:5GE1 ( “ G l o b a l
Energy Metals” , the “Company” and/or “GEMC”) is pleased to announce that
the Company has executed an agreement with CBLT Inc. (“CBLT”) (TSXV:CBLT)
to sell the enVrety of its seventy percent (70%) interest in the Werner Lake
project (“Werner”) located near the Ontario-Manitoba border in the Kenora
Mining District, Ontario. The significant interest of approximately 11% on a
fully diluted basis in CBLT will strengthen GEMC’s equity pordolio holdings of
baGery mineral focused peers including posiVons in Marquee Resources Ltd.
(ASX:MQR) and, subject to closing on its previously announced royalty
transacVon, a significant interest in Electric RoyalVes Ltd. (TSXV:ELEC).
Mitchell Smith, President & CEO comments:
“This transac+on will provide GEMC’s shareholders exposure to CBLT’s
poten+al future growth through a meaningful equity stake in a resource
focused company that is accelera+ng baCery and precious metals explora+on
efforts in Ontario, Canada. GEMC will con+nue to look for opportuni+es to
expand the equity holdings by the Company strengthening its exposure to the
baCery supply chain.”
Terms of the LOI:
• $20,000 (twenty thousand dollars) immediately paid as a non-refundable
cash deposit upon signing of the LOI.
• $250,000 saVsfied on the closing by CBLT issuing 5,000,000 ( five million)
shares issued at a deemed price of $0.05 (five cents) per share.
•The issuance of 3,500,000 (three million and five hundred thousand)
common share purchase warrants each exercisable at $0.08 (eight cents)
with a two year term. There is no accelerator on these warrants.
•A milestone payment of $500,000 (five hundred thousand dollars) payable
by CBLT to GEMC upon Werner Lake reaching commercial producVon.
•Should CBLT sell or opVon the Asset or a porVon of the Asset during the 24
months following closing, GEMC shall receive 20% of the gross proceeds of
the sale.
The LOI includes the delivery to CBLT of all technical data related to Werner
Lake in GEMC’s power, control or possession.
Assuming a definiVve agreement is reached, closing of such agreement would
be condiVonal upon approval from the TSX Ventures Exchange and further
due diligence by CBLT .
About CBLT Inc.
CBLT Inc. is a Canadian mineral exploraVon company with a proven leadership
team, targeVng cobalt and gold in reliable mining jurisdicVon and creaVng real
value through exploraVon and M&A acVviVes.
Global Energy Metals Corporation
(TSXV:GEMC | OTCQB:GBLEF | FSE:5GE1)
Global Energy Metals is focused on offering investment exposure to the raw
materials deemed criVcal for the growing rechargeable baGery market, by
building a diversified global pordolio of baGery mineral assets including
project stakes and sector specific equity posiVons. GEMC anVcipates growing
its business through the acquisiVon and development of baGery mineral
projects alongside key strategic partners. The Company holds 100% of the
Millennium Cobalt Project and two neighbouring discovery stage exploraVon-
stage cobalt assets in Mount Isa, Australia posiVoning it as a leading cobalt-
copper explorer and developer in the famed mining district in Queensland,
Australia. The Company is finalizing on the acquisiVon of an 85% interest in
two baGery mineral projects, the Lovelock Cobalt Mine and Treasure Box
Project, located on the doorstep of the world’s largest lithium-ion ba Gery
producVon plant, GigaNevada that Tesla Motors Ltd. and partner Panasonic
Corp. have built in Nevada, USA. Addi Vonally, the Company holds a 70%
interest in the past-producing Werner Lake Cobalt Mine project in Ontario,
Canada.
For Further Informa_on:
Global Energy Metals CorporaVon
#1501-128 West Pender Street
Vancouver, BC, V6B 1R8
Email: [email protected]
t. + 1 (604) 688-4219 extensions 236/237
TwiGer: @EnergyMetals | @USBaGeryMetals|@ElementMinerals
Cau_onary Statement on Forward-Looking Informa_on:
Certain informa+on in this release may cons+tute forward-looking statements
under applicable securi+es laws and necessarily involve risks associated with
regulatory approvals and +melines. Although Global Energy Metals believes
the expecta+ons expressed in such forward-looking statements are based on
reasonable assump+ons, such statements are not guarantees of future
performance and actual results or developments may differ materially from
those in the forward-looking statements. Except as required by law, the
Company undertakes no obliga +on to update these forward-looking
statements in the event that management’s beliefs, es+mates or opinions, or
other factors, should change. For more informa+on on Global Energy and the
risks and challenges of their businesses, investors should review the filings that
are available at www.sedar.com.
Neither TSX Venture Exchange nor its Regula+on Services Provider (as that
term is defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release.
We seek safe harbour.