Global Energy Metals Announces Cancellation and Grant of Incentive Stock Options; Arranges Shares for Debt Settlement
Vancouver, November 20, 2020 - Global Energy Metals Corp. (TSXV:GEMC) | (OTC:GBLEF) | (FSE:5GE1) ("Global Energy Metals", the "Company" and/or "GEMC") announces that the Company will cancel an aggregate of 480,647 incentive stock options (the "Cancelled Options") including those held by certain directors, officers, advisors and consultants who have agreed to voluntarily return these stock options to the Company. The terms of Cancelled Options are as follows:
------------------------------------------------ |Number of|Original |Expiry Date |Exercise| |Cancelled|Date of | |Price2 | |Options1 |Grant | | | |----------------------------------------------| |266,189 |3-Oct-2016 |2-Oct-2026 |$1.50 | |----------------------------------------------| |87,613 |31-May-2017 |30-May-2027 |$2.00 | |----------------------------------------------| |101,845 |12-June-2018 |11-June-2028 |$1.50 | |----------------------------------------------| |25,000 |30-April-2019|29-April-2024|$1.00 | ------------------------------------------------
1 Takes into consideration a share consolidation of all the issued and outstanding share capital on a 10 old for 1 new basis which took effect August 25, 2020.
2 The exercise price and the number of Shares issuable under the Company's outstanding stock options have been proportionately adjusted to reflect the Consolidation in accordance with the respective terms thereof.
In addition to the cancellation of these options and pursuant to its stock option plan, the Company has granted stock options to directors, officers, advisors and consultants of the Company, in the amount of 1,175,000 common shares, exercisable at $0.275 per share for a period of five years vesting immediately.
Granting of the options is subject to TSX Venture Exchange approval.
Debt Settlement
The Company further announces that the board of directors has approved the settlement of up to $76,180.45 of debt through the issuance of common shares of the Company (the "Debt Settlement"). Pursuant to the Debt Settlement, the Company would issue up to 277,020 common shares of the Company at a deemed price of $0.275 per share to certain creditors of the Company, including certain of its directors, officers and consultants (the "Creditors").
The issuance of the shares to the creditors is subject to the approval of the TSX Venture Exchange. All securities issued will be subject to a four month hold period which will expire on the date that is four months and one day from the date of issue.
As certain insiders participated in the debt settlement, it is considered to be a "related party transaction" under Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101"). All of the independent directors of the Company, acting in good faith, considered the transactions and have determined that the fair market value of the securities being issued to insiders and the consideration being paid is reasonable. The Company intends to rely on the exemptions from the valuation and minority shareholder approval requirements of MI 61-101 contained in sections 5.5(b) and 5.7(b) of MI 61-101.
(TSXV:GEMC | OTCQB:GBLEF | FSE:5GE1)
Global Energy Metals is focused on offering investment exposure to the raw materials deemed critical for the growing rechargeable battery market, by building a diversified global portfolio of battery mineral assets including project stakes and sector specific equity positions. GEMC anticipates growing its business through the acquisition and development of battery mineral projects alongside key strategic partners. The Company holds 100% of the Millennium Cobalt Project and two neighbouring discovery stage exploration-stage cobalt assets in Mount Isa, Australia positioning it as a leading cobalt-copper explorer and developer in the famed mining district in Queensland, Australia. The Company is finalizing on the acquisition of an 85% interest in two battery mineral projects, the Lovelock Cobalt Mine and Treasure Box Project, located on the doorstep of the world's largest lithium-ion battery production plant, GigaNevada that Tesla Motors Ltd. and partner Panasonic Corp. have built in Nevada, USA. Additionally, the Company holds a 70% interest in the past-producing Werner Lake Cobalt Mine project in Ontario, Canada.
For Further Information:
#1501-128 West Pender Street
Vancouver, BC, V6B 1R8
Email: info@globalenergymetals.com
t. + 1 (604) 688-4219 extensions 236/237
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 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.
Copyright (c) 2020 TheNewswire - All rights reserved.