Global Atomic Raises $9.19 Million in Private Placement
Toronto, ON: Global Atomic Corporation (“Global Atomic” or the “Company”), (TSX-V: GLO, FRANKFURT: G12) is pleased announce it has raised gross proceeds of $9,191,900 pursuant to the initial closing of a non-brokered private placement of up to $10,000,000 or 33,333,333 shares priced at $0.30 per share. The Company retained Arlington Group Asset Management Limited in London, UK, as its lead capital finder pursuant to the financing. Final closing is scheduled for November 30, 2018.
President and CEO, Stephen G. Roman, commented, “The capital raising is a significant endorsement for Global Atomic from UK and North American institutional investors. Proceeds from the financing will accelerate development of the high grade DASA Uranium Project, where management is targeting to deliver mineralized material to Orano Mining (formerly AREVA SA) by 2020. This timing also coincides with completion of the modernization and expansion of our zinc operations in Turkey by September 2019 and cash flow from these operations will support further development at DASA and other growth initiatives.”