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The exercise price of the Warrants is now
Also, further to the Company's news release of the same date, the Company will now proceed to make an application for Exchange approval for a warrant exercise incentive program, (the "Incentive Program") designed to encourage the early exercise of the Warrants.
Under the Program, the Company will offer an inducement to each Warrant holder that exercises their Warrants on or before the date that is 30 days from Exchange acceptance of the Incentive Program (the "Early Exercise Period"), by the issuance of one additional common share purchase warrant (an "Incentive Warrant") for each Warrant exercised early. Each Incentive Warrant will entitle the holder to purchase one additional Common Share for a period of 12 months from the date of issuance of such Incentive Warrant, at a price of
The Incentive Warrants will be subject to a four month hold period from the date of issuance and will include a warrant acceleration provision by which the Company will be permitted to accelerate the expiry date of the Incentive Warrants if the closing price of the Company's Common Shares on the Exchange remains at or above
In the event the Company exercises the Acceleration Event (by disseminating a news release advising of the Acceleration Event), holders will have 30 days to exercise the Incentive Warrants, after which the unexercised Incentive Warrants will be void and of no effect.
If all of the Warrants are exercised during the Early Exercise Period, GEMC expects to:
Receive gross proceeds of approximately
$1,080,520 on or before the Early Exercise Expiry Date;Issue up to 13,506,500 common shares pursuant to the exercise of the Warrants by holders in accordance with the original terms of the Warrants; and
Issue up to 13,506,500 Incentive Warrants to Warrant holders pursuant to the early exercise of the Warrants on or before the Early Exercise Expiry Date.
The terms and conditions of the Program and the method of exercising Warrants pursuant to the Program will be set forth in a letter which will be delivered to the registered e-mail address of each Warrant holder, posted on SEDAR and will be made available on the Company's website at www.globalenergymetals.com.
Holders of Warrants who elect to participate in the Program will be required to deliver the following to the Company on or prior to
a duly completed and executed Exercise Form, in the form which accompanies the certificate representing the Warrants;
the original certificate representing the Warrants being exercised; and
the applicable aggregate exercise price payable to the Company by way of certified cheque, money order, bank draft, or wire transfer in lawful money of
Canada .
To the extent that holders of the Warrants take advantage of the opportunity to exercise their Warrants early, this will strengthen Global Energy’s current cash position and provide the Company with additional working capital to meet its on-going business obligations.
The transaction is subject to the receipt of all final regulatory approvals, including the approval of the Exchange. Any Warrants that are not exercised prior to the Early Exercise Expiry Date will remain outstanding and continue to be exercisable for Common Shares on their existing terms.
The Warrants were originally issued by the Company as part of a unit issued in connection with private placement financings completed in
(TSXV:GEMC | OTCQB:GBLEF | FSE:5GE1)
As demonstrated with the Company’s current copper, nickel and cobalt projects in
Securing exposure to these critical minerals powering the eMobility revolution is a generational investment opportunity.
For Further Information:
#1501-128 West
Email: info@globalenergymetals.com
t. + 1 (604) 688-4219
www.globalenergymetals.com
Twitter:@EnergyMetals|@USBatteryMetals|@ElementMinerals
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
GEMC’s operations 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 operations and the ability of others to meet their obligations, including uncertainties relating to the ultimate geographic spread of the virus, the severity of the disease, the duration of the outbreak, and the length of travel and quarantine restrictions imposed by governments of affected countries. In addition, a significant outbreak of contagious diseases in the human population could result in a widespread health crisis that could adversely affect the economies and financial markets of many countries, resulting in an economic downturn that could further affect operations and the ability to finance its operations.
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.
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We seek safe harbour.
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