- Global Energy Metals (GEMC) has agreed to sell a new 1 per cent net smelter royalty for the Råna Project to Electric Royalties Limited
- Electric Royalties will issue 2 million common shares and $100,000 cash to GEMC and Scandinavian Resource Holdings in consideration for the 1 per cent NSR
- Global Energy Metals also announced that SRH has signed a definitive term sheet with Metals One Plc. for 90 per cent of its share of the Råna Project
- GEMC will maintain a 10 per cent interest in the project
- Global Energy Metals Corp. offers investment exposure to the growing rechargeable battery and electric vehicle market
- Shares in Global Energy Metals Corp. (GEMC) are up 6.38 per cent, trading at $0.25 per share
Global Energy Metals (GEMC) has agreed to sell a new 1 per cent net smelter royalty for the Råna Project to Electric Royalties Limited.
The Råna Nickel-Copper-Cobalt project is jointly held by GEMC and Scandinavian Resource Holdings (SRH) and is located on the Ofoten Fjord in northern Norway. The project includes the past-producing Bruvann Ni-Cu-Co mine which was in production from 1989 until 2002.
GEMC has now signed a definitive purchase agreement with Electric Royalties for the net smelter royalty (NSR) on four exploration licenses totalling 25 square kilometres of the Råna Project.
Electric Royalties will issue 2 million common shares and $100,000 cash to GEMC and SRH in consideration for the 1 per cent NSR.
“This transaction with Electric Royalties is another example of GEMC executing on strategy and providing shareholders with increased exposure to the raw materials that are powering an electrified future,” said GEMC president and CEO Mitchell Smith.
Global Energy Metals also announced that SRH has signed a definitive term sheet with Metals One Plc. for 90 per cent of its share of the Råna Project. To complete the acquisition, Metals One has committed to spending £1 million on an exploration work program within the first 12 months.
GEMC will maintain a 10 per cent interest in the project and be carried on project level expenditures of up to $1.5 million.
“Now with Metals One coming in to commit to advance Rana in 2022, we’re expecting major updates on more than 60% of our portfolio next year,” said Electric Royalties CEO Brendan Yurik. “We’re very excited to see how this modern exploration work proceeds as there is lots of upside and value remaining to be unlocked at the Råna Nickel Project.”
Global Energy Metals Corp. offers investors exposure to the growing rechargeable battery and electric vehicle market by building a diversified global portfolio of exploration and growth-stage battery mineral assets.
Shares in Global Energy Metals Corp. (GEMC) are up 6.38 per cent, trading at $0.25 per share as of 10:39 am EST.