Vancouver, BC - TheNewswire - August 20, 2020 - Global Energy Metals Corporation (TSXV:GEMC) | (OTCQB:GBLEF) | (FSE:5GE1) ("Global Energy Metals", the "Company" and/or "GEMC") announces the implementation of a previously announced consolidation (the "Consolidation") of all the issued and outstanding share capital on a 10 old for 1 new basis effective August 25, 2020 (the "Effective Date").
The post-Consolidation common shares will commence trading on the TSX Venture Exchange ("TSXV") under same name and ticker symbol (GEMC) on August 25, 2020, at which time the CUSIP and ISIN numbers of the Company will change to 37890Y308 and CA37890Y3086, respectively.
The Company believes that the Consolidation will be beneficial to the Company in that it is expected to, among other things, provide the Company with greater flexibility in attracting financing, strategic partners and ongoing investment, and as such, is in the best interest of the Company.
Upon completion of the Consolidation, the number of common shares issued and outstanding as of August 25, 2020 have been consolidated from 97,301,171 to 9,730,117. As previously announced, no fractional Common Shares will be issued in connection with the Share Consolidation. The exercise price and the number of Shares issuable under the Company's outstanding warrants and stock options will be proportionately adjusted to reflect the Consolidation in accordance with the respective terms thereof. Fractional common shares will not be issued, and no cash will be paid in lieu of fractional post-Consolidation common shares. The number of post-consolidation common shares to be received by a shareholder will be rounded down to the nearest whole common share.
Registered shareholders will be mailed a letter of transmittal from the Company's transfer agent, Computershare Investor Services Inc., providing instructions regarding how to exchange their pre-consolidation Common Shares (represented either by Direct Registration System (DRS) advice statements or share certificates) for new DRS advice statements representing the post-consolidation Common Shares to which they are entitled as a result of the Consolidation. Until surrendered to the transfer agent, each share certificate representing old pre-consolidation shares will be deemed to represent the number of new whole post-consolidation Common Shares, as the case may be, to which the holder is entitled as a result of the Consolidation. Non-registered shareholders holding their Common Shares through a bank, broker or other nominee are encouraged to contact their nominee for further information.
This proposed consolidation does not change a shareholder's proportionate ownership interest in the Company.
The proposed Consolidation has been approved and authorized by Global Energy's board of directors as permitted by the Issuer's articles of incorporation which authorizes the board of directors to approve certain changes to the Issuer's capital structure, including the Consolidation.
Global Energy Metals provides investors and partners with exposure to the immediate need for metals critical to the new energy economy by building a diversified global portfolio of cobalt and battery metals rich projects in top-tier mining jurisdictions with exploration & development upside to become a supply chain solution to safe and reliable cobalt for downstream partners. Global Energy Metals holds 100% of the Millennium Cobalt Project and two neighbouring discovery stage exploration-stage cobalt assets in Mt. Isa, Australia. It also currently owns 70% of the Werner Lake Cobalt Mine in Ontario, Canada and has entered into an agreement to acquire an 85% interest in two cobalt-nickel-copper exploration projects in Nevada, 150km East of the Tesla Gigafactory.
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.
We seek safe harbour.
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