Powered BY Cobalt … Driven BY Demand Global Energy Metals Arranges Strategic Investment from Canada Cobalt Works; Signs MOU to Use Revolutionary Hydrometallurgical Process at Nevada Battery Metals Projects
TSX.V GEMC
www.globalenergymetals.com
Suite 1501,
Sun Tower
128 West Pender St. Vancou-
ver , BC
V6B 1R8
T +1.604.688.4219
Twitter @EnergyMetals
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GLOBAL ENERGY METALS ARRANGES STRATEGIC
INVESTMENT FROM CANADA COBALT WORKS; SIGNS MOU
TO USE REVOLUTIONARY HYDROMETALLURGICAL PROCESS
AT NEVADA BATTERY METALS PROJECTS
Vancouver, BC / TheNewswire / May 7, 2019 / 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 a strategic technological initiative with Canada Cobalt
Works (“CCW” or “Canada Cobalt”), featuring the propriety and
environmentally friendly Re-2OX Process, to accelerate the
advancement of GEMC’s Lovelock Mine and Treasure Box properties in
Nevada as work programs commence this month. Lovelock and
Treasure Box are located in Churchill County, a 90-minute drive from
the Tesla-Panasonic Gigafactory 1.
The Re-2OX Deal
GEMC and Canada Cobalt have entered into a non-binding
Memorandum of Understanding (MOU) that allows for cobalt-nickel-
copper-bearing mineralized material from Lovelock and Treasure Box
to be put through the Re-2OX Process in order to confirm efficient
battery metal extraction and create a potential battery grade test
product.
Canada Cobalt will supervise the program protecting intellectual
property as results flow to GEMC, and will be paid a $200,000 upfront
first-stage Re-2OX fee, exclusive of sampling and lab costs to be
borne by GEMC to a maximum of $100,000. The companies may
broaden their relationship.
Strategic Investment
Canada Cobalt will also take an immediate equity position in GEMC,
subscribing for 2,000,000 units at $0.075 per unit for total proceeds
to GEMC of $150,000. Each Unit will consist of one common share and
one transferable common share purchase warrant with each warrant
entitling the holder thereof to acquire a common share at the
exercise price of $0.10 per share for a period of 36 months from the
closing date, subject to acceleration.
Mitchell Smith, CEO & Director, Comments on the agreement:
“While the future of EV’s and other green technologies is promising,
North America is highly import-reliant for those critical metals that
are fueling the road to electrification. Partnering with Canada
Cobalt Works and utilizing their Re-2OX Process is a crucial step in
unlocking the potential Lovelock and Treasure Box provide for
shareholder exposure to strategically important U.S.- based battery
mineral assets. Significantly, Re-2OX has allowed Canada Cobalt to
become the first company in Canada’s Cobalt heartland to produce a
battery grade cobalt sulphate test product with nickel-manganese-
cobalt (NMC) formulations in their pipeline.”
Frank J. Basa, President and CEO of Canada Cobalt, commented:
“We are pleased to enter into a strategic relationship with the
Global Energy Metals team. We have a shared objective of advancing
the metallurgical understanding of GEMC’s promising Nevada based
battery metal assets using Re-2OX. The very adaptable Re-2OX
process has shown very high recovery rates for multiple metals and
the ability to create a compound suitable for end-use in battery
production.”
Re-2OX testing of material from Lovelock and Treasure Box will be
part of a broader exploration work program that will allow for
reinterpretation of historic data and a better understanding of the
ability to unlock the cobalt, nickel and copper potential from these
Nevada projects.
Other Private Placement Details
The Company intends to use the proceeds from the private placement
to help fund the above-described Re-2OX Process and for further
exploration activities at the Lovelock and Treasure Box projects.
Warrants are subject to an acceleration clause whereby if on any 10
consecutive trading days occurring after four months and one day has
elapsed from the closing date, the daily volume weighted average
trading price of the common shares of the Company is at least $0.20
per share, the Company may accelerate the expiry date of the
warrants to the 30th day after the date on which the Company gives
notice to the subscriber in accordance with the warrant of such
acceleration.
Closing of the strategic financing is subject to approval by the TSX
Venture Exchange. All of the securities issued under this financing will
be subject to a hold period of 4 months from the closing date of the
offering.
Global Energy Metals Corporation
(TSXV:GEMC | OTCQB:GBLEF | FSE:5GE1)
Global Energy Metals is focused on offering security of supply of
cobalt, a critical material to the growing rechargeable battery
market, by building a diversified global portfolio of cobalt assets
including project stakes, projects and other supply sources. GEMC
anticipates growing its business by acquiring project stakes in battery
metal-related projects with key strategic partners. Global Energy
Metals currently owns 70% of the Werner Lake Cobalt Mine in Ontario,
Canada, has an option to acquire an 85% interest in two cobalt
exploration projects in Nevada, 150 km east of the Tesla-Panasonic
Gigafactory 1, and has entered into an agreement to acquire 100% of
the Millennium Cobalt Project and two neighbouring discovery stage
exploration-stage cobalt assets in Mt. Isa, Australia.
For Further Information:
Global Energy Metals Corporation
#1501-128 West Pender Street
Vancouver, BC, V6B 1R8
Email: [email protected]
t. + 1 (604) 688-4219 extensions 236/237
Cautionary Statement on Forward-Looking Information:
Certain information in this release may constitute forward-looking
statements under applicable securities laws and necessarily involve
risks associated with regulatory approvals and timelines. Although
Global Energy Metals believes the expectations expressed in such
forward-looking statements are based on reasonable assumptions,
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 obligation to update these forward-looking statements
in the event that management’s beliefs, estimates or opinions, or
other factors, should change. For more information 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 Regulation 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.