Powered BY Cobalt … Driven BY Demand Global Energy Metals Enters Binding Agreement to Sell Its Majority Interest IN the Werner Lake Cobalt Project to High-Tech Metals Ltd.
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 ENTERS BINDING AGREEMENT TO SELL
ITS MAJORITY INTEREST IN THE WERNER LAKE COBALT PROJECT
TO HIGH-TECH METALS LTD.
Vancouver, BC / TheNewswire / November 1, 2022 / Global Energy Metals
CorporaRon TSXV:GEMC | OTCQB:GBLEF | FSE:5GE1 (“Global Energy
Metals” , the “Company” and/or “GEMC”) , a mulK-jurisdicKonal, mulK-
commodity criKcal mineral exploraKon and development company focused on
growth-oriented baGery metal projects supporKng the global transiKon to
clean energy, is pleased to announce the signing of a binding asset purchase
and sale agreement with High-Tech Metals Ltd. (“High-Tech”) to sell its
interest in the Werner Lake project (“Werner” and/or the “Project”) for cash
and share consideraKon. High-Tech is a private Australian company that is
planning to list its shares on the ASX this year . Currently, Global Energy Metals
holds a 70% interest and Marquee Resources Ltd. (“Marquee”) holds a 30%
interest in Werner .
Figure 1. The Werner Lake project in the Kenora Mining District, Ontario.
Mitchell Smith , President and CEO of GEMC comments:
“We are pleased to increase value for our shareholders, without dilu Aon,
through the moneAzaAon of a non core asset as part of our ongoing strategy
of building investment exposure to technology enabling metals essenAal to an
electrified future. The Werner transac Aon with High-Tech is another
demonstraAon of the realizaAon of this business model. We look forward to
becoming shareholders of High-Tech and par AcipaAng in the exploraAon
success of the project through the public enAty upon its proposed lisAng on
the ASX.”
Sonu Cheema, Managing Director of High-Tech commented:
“The world needs more high-quality cobalt mines and High-Tech is commiPed
to begin work to realize the poten Aal of Werner in a sustainable and
responsible manner to ensure strong outcomes for all stakeholders. High-Tech
is currently on the path to IPO with Werner as our first project focused on EV
metals in Aer-1 jurisdicAons, with the aim to list by the end of 2022.”
The Mineral Property Purchase and Sale Agreement provides, among other
things, that the aggregate purchase price shall be AUD $700,000 of which
AUD $50,000 shall be paid to the Company on execuKon of the Mineral Prop-
erty Purchase and Sale Agreement and the balance of which will be saKsfied
by the issuance of a total of 3,250,000 shares of HTM (the “Considera Kon
Shares”) as to 2,500,000 ConsideraKon Shares to Global Energy Metals and
750,000 ConsideraKon Shares to Marquee.
At the closing of the sale, GEMC is expected to hold 7.87% in High-Tech
following High-Tech raising $4.5 million as part of its IPO to the ASX. The
funds raised will be used to list on the ASX, advance exploraKon of the Werner
Lake project, idenKfy addiKonal opportuniKes to grow the company, and for
general corporate and working capital purposes.
The transacKon remains subject to the saKsfacKon or waiver of customary
closing condiKons.
Werner Lake Project
The project is located near the Ontario-Manitoba border in the Kenora Mining
District. The Werner Lake Geological Belt hosts numerous cobalt-copper and
base metal showings, deposits and past producing mines. The two largest
cobalt deposits defined to date are the Werner Lake Minesite Deposit and the
West Cobalt Deposit. The area has seen extensive explora Kon and
development work since the original discovery of cobalt in 1921. The Werner
Lake Cobalt Mine produced cobalt ore in the 1930s and 1940s from the “Old
Mine Site” deposit area and with the discovery of the main ore area at the
West Cobalt Deposit, was taken to producKon decision in the late 1990s. At
the Kme, infrastructure was put in place, including four season road, mill
buildings, and tailings seGling area. Decline ramp, drihs and raises of over 258
metres were driven into the heart of the deposit. Mineralisa Kon remains
open at depth and along strike with the potenKal for undiscovered high grade
zones. Metallurgical studies have shown that excellent cobalt recoveries can
be yielded from a standard flotaKon mill process followed by a low-pressure
oxidaKve hydrometallurgical leach (net recovery 88%), to produce a cobalt
carbonate end product.
Qualified Person
Mr . Paul Sarjeant, P . Geo., is the qualified person for this release as defined by
NaKonal Instrument 43-101 - Standards of Disclosure for Mineral Projects.
Global Energy Metals CorporaRon
(TSXV:GEMC | OTCQB:GBLEF | FSE:5GE1)
Global Energy Metals Corp. o ffers investment exposure to the growing
rechargeable baPery and electric vehicle market by building a diversi fied
global porZolio of exploraAon and growth-stage baPery mineral assets.
Global Energy Metals recognizes that the prolifera Aon and growth of the
electrified economy in the coming decades is underpinned by the availability
of baPery metals, including cobalt, nickel, copper, lithium and other raw
materials. To be part of the solu Aon and respond to this electri ficaAon
movement, Global Energy Metals has taken a ‘consolidate, partner and invest’
approach and in doing so have assembled and are advancing a por Zolio of
strategically significant investments in baPery metal resources.
As demonstrated with the Company’s current copper, nickel and cobalt
projects in Canada, Australia, Norway and the United States, GEMC is
invesAng-in, exploring and developing prospec Ave, scaleable assets in
established mining and processing jurisdicAons in close proximity to end-use
markets. Global Energy Metals is targeAng projects with low logisAcs and
processing risks, so that they can be fast tracked to enter the supply chain in
this cycle. The Company is also collabora Ang with industry peers to
strengthen its exposure to these cri Acal commodiAes and the associated
technologies required for a cleaner future.
Securing exposure to these criAcal minerals powering the eMobility revoluAon
is a generaAonal investment opportunity. Global Energy Metals believes Now
is the Time to be part of this electrificaAon movement.
For Further InformaRon:
Global Energy Metals CorporaKon
#1501-128 West Pender Street
Vancouver, BC, V6B 1R8
Email: [email protected]
t. + 1 (604) 688-4219
www.globalenergymetals.com
TwiGer: @EnergyMetals | @USBaGeryMetals | @ElementMinerals
CauRonary Statement on Forward-Looking InformaRon:
Certain informaAon in this release may consAtute forward-looking statements
under applicable securiAes laws and necessarily involve risks associated with
regulatory approvals and Amelines. Although Global Energy Metals believes
the expectaAons expressed in such forward-looking statements are based on
reasonable assumpAons, 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 Aon to update these forward-looking
statements in the event that management’s beliefs, esAmates or opinions, or
other factors, should change.
GEMC’s operaAons could be significantly adversely affected by the effects of a
widespread global outbreak of a contagious disease, including the recent
outbreak of illness caused by COVID-19. It is not possible to accurately predict
the impact COVID-19 will have on operaAons and the ability of others to meet
their obligaAons, including uncertainAes relaAng to the ulAmate geographic
spread of the virus, the severity of the disease, the duraAon of the outbreak,
and the length of travel and quaranAne restricAons imposed by governments
of affected countries. In addiAon, a significant outbreak of contagious diseases
in the human populaAon could result in a widespread health crisis that could
adversely affect the economies and financial markets of many countries,
resulAng in an economic downturn that could further affect operaAons and
the ability to finance its operaAons.
For more informaAon 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 RegulaAon 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.