Global Energy Metals Terminates 7.5 Cent Financing; Launches Re-2ox Process Program in Nevada
TSX VENTURE: GEMC
Vancouver, BC / TheNewswire / May 16, 2019 - Global Energy Metals Corporation TSXV:GEMC | OTCQB:GBLEF | FSE:5GE1 ("Global Energy Metals", the "Company" and/or "GEMC") announces that the proposed private placement announced on May 7, 2019, will not proceed at this time due to Policy 5.3 for Tier-2 Venture Issuers under Section 7.1.
As previously announced, Global Energy Metals and Canada Cobalt Works ("CCW") have entered into a strategic technological initiative featuring the proprietary and environmentally friendly Re-2Ox Process as part of a wider exploration and drilling 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 GEMC's Nevada based projects.
Figure 1 & 2. Adit entrance and site dump at Lovelock Mine, Nevada
GEMC and Canada Cobalt are pleased to report that they've already commenced on-site work related to Re-2OX through a reconnaissance program at Lovelock and Treasure Box. More details will be provided in the near future.
Meanwhile, initial fieldwork is demonstrating the potential to identify high-grade cobalt, nickel and copper mineralization over broader areas than originally believed at Lovelock and Treasure Box.
Mr. Paul Sarjeant, P. Geo., is the qualified person for this release as defined by National Instrument 43-101 - Standards of Disclosure for Mineral Projects and has reviewed and verified the technical information contained herein.
(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
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.