- Global Battery Metals (GBML) has closed its oversubscribed non-brokered private placement financing for gross proceeds of $1,160,000
- The company issued a total of 11,600,000 units at a price of $0.10 per unit
- The company plans to allocate the net proceeds of the private placement to exploration expenditures and general working capital
- Global Battery Metals Ltd. is a mineral exploration company with a focus on metals that make up and support the rapid evolution to battery power
- Global Battery Metals Ltd. opened the day’s trading at $0.12 per share
Global Battery Metals (GBML) has closed its previously announced non-brokered private placement financing for gross proceeds of $1,160,000.
The company issued a total of 11,600,000 units at a price of $0.10 per unit.
When the private placement was initially announced on July 14, 2022, the company was offering 5,000,000 units. However, because of increased demand, it was subsequently upsized to 11,600,000 units.
Each unit consists of one common share and one share purchase warrant.
Each warrant entitles the warrant holder to acquire one additional share at a price of $0.14 until September 7, 2024, being the date that is twenty-four months from the date of issuance.
The warrants are subject to an acceleration clause.
Net proceeds will be used to cover exploration expenditures and general working capital.
“The team is pleased with the market enthusiasm and active participation in this private placement, along with the expressed support from senior mining executives, company directors, and existing shareholders to upsize,” said Michael Murphy, President and CEO of GBML.
“With this funding in place, we look forward to advancing our three prospective lithium properties and our prospective Michigan Ni/Cu properties,” he added.
Global Battery Metals Ltd. is a mineral exploration company with a focus on metals that make up and support the rapid evolution to battery power.
Global Battery Metals Ltd. opened the day’s trading at $0.12 per share.