Global Cobalt Corp GLBCF

News - Total Rippoff !!!

[DRYOASIS]

GLOBAL ENERGY METALS INCREASES PRIVATE PLACEMENT TO $1.5 MILLION ON INCREASED DEMAND FOR COBALT EXPOSURE VANCOUVER, BC / August 3rd, 2016 / GLOBAL ENERGY METALS CORP. (Global Energy Metals, the Company and/or "GEMC") wishes to announce that it has amended the terms of its non-brokered private placement, initially announced on June 2, 2016. In response to a stronger than anticipated investment demand for exposure to cobalt, an amendment has increased the size of the offering from CAD $1,000,000 to CAD $1,500,000. The amended private placement now consists of 10,000,000 post-consolidation units (Units) at an issue price of CAD $0.15 per Unit for gross proceeds of up to CAD $1,500,000 (the Offering). Each Unit will consist of one post-consolidation common share (Common Share) of GEMC and one (1) transferable share purchase warrant (the Warrants). Each Warrant shall be exercisable to acquire an additional post-consolidation common share of GEMC at a price of CAD $0.20 per share for period of twelve (12) months following the listing of the Companys common shares on the Exchange. The Warrants will contain an acceleration provision, whereby in the event the Company completes a future equity financing at a price equal to or greater than CAD $0.20, the expiry date of the warrants will be reduced to sixty (60) days following completion of such financing. Following the completion of the Offering, GEMC will seek the necessary approvals from the TSX Venture Exchange (the TSXV) to publicly list the company. In conjunction with the closing of the first tranche of the revised Private Placement, GEMC will now consolidate its share capital on the basis of one post-consolidation common share for every fifteen pre-consolidation common shares. GEMC currently has 79,322,177 common shares issued and outstanding and will have 5,288,145 common shares issued and outstanding upon completion of the consolidation and prior to closing of the Private Placement. The proceeds from the Offering will be used to advance the Companys wholly-owned Werner Lake Cobalt Project in North Western, Ontario including updating and completing a NI 43-101 compliant resource estimation and conducting metallurgical test work to confirm the ability to produce battery grade cobalt chemicals, for listing the Company on the TSXV and for general working capital. In addition, GEMC, having reached agreements to convert the majority of outstanding indebtedness of the Company, will convert the indebtedness into post-Consolidation common shares of the Company at a price of not less than $0.25 per share (the Debt Settlement). The Company will issue approximately 10,715,000 post-consolidated common shares to certain directors, consultants and creditors at CAD $0.25 per post-consolidated share for the settlement of approximately CAD $2,678,750 of Company expenses, fees and other debt including the repayment of a loan of approximately CAD $1,348,358 provided by a Director. Global Energy Metals Corporation: Global Energy Metals is an aggregator of cobalt, lithium, graphite and other battery metals projects, creating an asset bank to ultimately supply market demand for the growing rechargeable battery market. GEMC is a pre-IPO reporting issuer that anticipates growing its business by acquiring project stakes in battery metals related projects with key strategic partners. GEMC currently owns the Werner Lake Cobalt Mine in Ontario, Canada. For Further Information: Mitchell Smith President & CEO #1501-128 West Pender Street Vancouver, BC, V6B 1R8 Email: [e-mail] t. + 1 [phone]

[DRYOASIS]

Yes 15/1 consolidation and on top of that, management will issue themselves a bunch of shares to pay themselves salaries and fees owing ... for doing what again ...... sweet fk all !!!!... The Company will issue approximately 10,715,000 post-consolidated common shares to certain directors, consultants and creditors at CAD $0.25 per post-consolidated share for the settlement of approximately CAD $2

[Winwarrior]

DRY . . . lets all try to keep our blood pressure down and look at these as the free shares . . . that being said can you explain to me what or how .25 cents per share works. Does it mean that the company is giving shares to these people and then immediately buying them back at .25 cents? 

[DRYOASIS]

Yes its a debt settlement of $2,678,750 for 10,715,000 of post-consolidation shares. The debt is by the looks of it, salaries, consulting fees and a loan. I guess they could of been a little more greedy and did the settlement for 15 cents instead of 25 and issue themselves 17,858,333 shares but they didn't. The problem with this little scam is they can charge the company whatever fee they like

[Winwarrior]

Thanks for the clarification.  So it looks like after a 15-1 consolidation and then issuing 10 million for the financing and 10 milion for debt replayment we will start life with 25 million shares. Assuming .15 is where we start out the market cap will be 3.75 million. Given the potential of Warner is GEMC worth more than what the market cap will likely be at 9:30:01 when trading starts . .

[DRYOASIS]

50 cents, I don't think so, if you compare with FCO they have metallurgical testing completed, double inferred resources, most ground work completed with lost of equipment on site and cash in bank, share price is 57 cents. I think SP for GEM is valued right at 15 cents. Once the projected work is completed, we will need more financing to move forward so expect more dilution. The main positive

[rocket500]

One thing I'm wondering about - Erin lent a huge amount of money to the company but that was for GCO work. Why should GEMC have to repay that debt? Don't get me wrong - I'm all for her getting her money back - but shouldn't the GCO clowns be on the hook for it? On the otherhand, as Win pointed out, these shares were given to us so maybe I shouldn't complain. Sounds like they

[Winwarrior]

FCO looks interesting, thanks for the comparison. Hopefully when we get back to 95 million shares outstanding, like FCO, we willl have the same profile. SO we are 1/4ish the number of outstanding shares, hopefully the number is a high .15 rather than a low .15

[DRYOASIS]

Let's cut the BS. Those shares were never FREE. For the past 2 years now everyone has been trying to stay positive and abstaining from bashing the stock not to scare shareholders away (myself included) but the fact is that when I invested in GCO it had a portfolio of several properties including Warner Lake and Iron Creek. I paid the market price for my shares at the time assuming I was

[Winwarrior]

How about them Blue Jays and TFC :)