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TORONTO, Nov. 18, 2021 /CNW/ - Global Atomic Corporation
("Global Atomic" or the "Company") (TSX: GLO) (OTCQX: GLATF)
(FRANKFURT: G12) is pleased to announce that due to significant
demand, the Company and Red Cloud Securities Inc., as lead
underwriter and sole bookrunner on behalf of a syndicate of
underwriters (the "Underwriters"), have agreed to increase the size
of the previously announced private placement (the "Offering") from
C$25.0 million to C$30.0 million. Under the revised Offering, the
Underwriters have agreed to purchase for resale 7,500,000 units of
the Company (the "Units") at a price of C$4.00 per Unit (the "Offering Price"). Each Unit
will be comprised of one common share of the Company (each, a "Unit
Share") and one half of one common share purchase warrant (each
whole warrant, a "Warrant"). Each Warrant shall be exercisable to
acquire one common share of the Company (each, a "Warrant Share")
at a price of C$6.00 at any time on or before the date
which is 18 months after the closing date of the Offering.
![Global Atomic Corporation (CNW Group/Global Atomic Corporation) Global Atomic Corporation (CNW Group/Global Atomic Corporation)](https://mma.prnewswire.com/media/1692101/Global_Atomic_Corporation_Global_Atomic_Announces_Upsizing_of_Bo.jpg)
The Company has granted to the Underwriters an option,
exercisable up to 48 hours prior to the closing date of the
Offering, to purchase for resale up to 1,250,000 Units at the
Offering Price to raise additional gross proceeds of up to
C$5,000,000.
The net proceeds raised under the Offering will be used for
exploration and development of the Company's Dasa Uranium Project
in the Republic of Niger and for
general working capital purposes. The Offering is scheduled to
close on or around December 7, 2021
and is subject to certain conditions including, but not limited to,
the receipt of all necessary approvals including the approval of
the listing of the Unit Shares and Warrant Shares on the Toronto
Stock Exchange. Resale of the Unit Shares and Warrant Shares will
be subject to a hold period of four months and one day following
the closing date of the Offering.
This press release does not constitute an offer to sell or a
solicitation of an offer to buy any of the securities in
the United States. The securities
have not been and will not be registered under the United States
Securities Act of 1933, as amended (the "U.S. Securities Act"), or
any state securities laws and may not be offered or sold within
the United States or to or for the
account or benefit of a U.S. person (as defined in Regulation S
under the U.S. Securities Act) unless registered under the U.S.
Securities Act and applicable state securities laws or an exemption
from such registration is available.
About Global Atomic
Global Atomic Corporation
(www.globalatomiccorp.com) is a publicly listed company that
provides a unique combination of high-grade uranium mine
development and cash-flowing zinc concentrate production.
The Company's Uranium Division includes four deposits with the
flagship project being the large, high grade Dasa Project,
discovered in 2010 by Global Atomic geologists through grassroots
field exploration. With the issuance of the Dasa Mining Permit and
an Environmental Compliance Certificate by the Republic of
Niger, the Dasa Project is fully
permitted for commercial production.
Global Atomics' Base Metals Division holds a 49% interest in the
Befesa Silvermet Turkey, S.L. ("BST") Joint Venture, which operates
a modern zinc production plant, located in Iskenderun, Turkey. The plant recovers zinc from Electric
Arc Furnace Dust ("EAFD") to produce a high-grade zinc oxide
concentrate which is sold to zinc smelters around the world. The
Company's joint venture partner, Befesa Zinc S.A.U. ("Befesa")
listed on the Frankfurt exchange
under 'BFSA', holds a 51% interest in and is the operator of the
BST Joint Venture. Befesa is a market leader in EAFD recycling,
with approximately 50% of the European EAFD market and facilities
located throughout Europe,
Asia and the United States of America.
The information in this release may contain forward-looking
information under applicable securities laws. Forward-looking
information includes, but is not limited to, statements with
respect to completion of any financings; Global Atomics'
development potential and timetable of its operations, development
and exploration assets; Global Atomics' ability to raise additional
funds necessary; the future price of uranium; the estimation of
mineral reserves and resources; conclusions of economic evaluation;
the realization of mineral reserve estimates; the timing and amount
of estimated future production, development and exploration; cost
of future activities; capital and operating expenditures; success
of exploration activities; mining or processing issues; currency
exchange rates; government regulation of mining operations; and
environmental and permitting risks. Generally, forward-looking
statements can be identified by the use of forward-looking
terminology such as "plans", "is expected", "estimates", variations
of such words and phrases or statements that certain actions,
events or results "could", "would", "might", "will be taken", "will
begin", "will include", "are expected", "occur" or "be achieved".
All information contained in this news release, other than
statements of current or historical fact, is forward-looking
information. Statements of forward-looking information are subject
to known and unknown risks, uncertainties and other factors that
may cause the actual results, level of activity, performance or
achievements of Global Atomic to be materially different from those
expressed or implied by such forward-looking statements, including
but not limited to those risks described in the annual information
form of Global Atomic and in its public documents filed on SEDAR
from time to time.
Forward-looking statements are based on the opinions and
estimates of management at the date such statements are made.
Although management of Global Atomic has attempted to identify
important factors that could cause actual results to be materially
different from those forward-looking statements, there may be other
factors that cause results not to be as anticipated, estimated or
intended. There can be no assurance that such statements will prove
to be accurate, as actual results and future events could differ
materially from those anticipated in such statements. Accordingly,
readers should not place undue reliance upon forward-looking
statements. Global Atomic does not undertake to update any
forward-looking statements, except in accordance with applicable
securities law. Readers should also review the risks and
uncertainties sections of Global Atomics' annual and interim
MD&As.
The Toronto Stock Exchange has not reviewed and does not accept
responsibility for the adequacy and accuracy of this news
release.
SOURCE Global Atomic Corporation