NIKLF - Former Grid Subsidiary AC/DC Battery Metals Closes $2000000 Private Placement and Announces Commencement of Trading on the TSX Venture Exchange
(TheNewswire)
Coquitlam, BC – TheNewswire -- July 9, 2024 Grid Battery Metals Inc. (the“ Company ” or “ Grid ”) (TSXV: CELL) (OTCQB:EVKRF)(FRA: NMK2 ) announces that further to its news release dated June 17,2024 , the Company’s formersubsidiary, AC/DC Battery Metals Inc. (“AC/DC”) has closed anon-brokered private placement financing offering of 40,000,000 units(“Units”) at a price of CAD$0.05 per Unit for gross proceeds of CAD$2,000,000 . Each Unitis comprised of one common share and one share purchase warrant(“Warrant”). Each Warrant will entitle the holder thereof topurchase one additional common share of the Company at an exerciseprice of CAD$0.05 per share for a period of five years from closing,subject to TSX Venture Exchange (“Exchange”) approval.
Furthermore, AC/DC Shares commenced trading on theExchange under the symbol "TSXV: ACDC" at the opening ofmarket on July 8, 2024. AC/DC has also launched its website at www.acdcbatterymetals.com ,and AC/DC’s social media accounts for Facebook, LinkedIn and Twitterare also available.
Mr. Tim Fernback, Grid President & CEO states“This is an exciting time for Grid and AC/DC shareholders ….completing a significant financing in a challenging junior capitalmarket and a new public listing of AC/DC shares ( TSXV: ACDC ). Weset out on this journey many months ago, and fulfilled a commitment toour Grid Battery Metals shareholders to offer a valuable AC/DC sharedividend as we spun out the subsidiary. We are looking forward tocreating more shareholder value and to the future success of AC/DC onthe TSXV.”
All securities issued in connection with the privateplacement are subject to a four-month and a day hold period expiringon November 4, 2024 in accordance with applicable Canadian SecuritiesLaws.
The proceeds of the Private Placement will be used forexploration and development and for general working capitalpurposes.
AC/DC Insiders purchased a total of 3,000,000 unitsunder the Private Placement, which is considered a related partytransaction within the meaning of Multilateral Instrument 61-101 Protection of MinoritySecurity Holders in Special Transactions ("MI 61-101"). The Company relied on theexemptions from the valuation and minority shareholder approvalrequirements of MI 61-101 contained in Sections 5.5(a) and 5.7(a),respectively, of MI 61-101 in respect of such insider participation. No new insiders and no control persons were created in connectionwith the private placement.
AboutGrid Battery Metals Inc. www.gridbatterymetals.com .
Grid Battery Metals Inc.is a Canadian based exploration company whose primary listing is onthe TSX Venture Exchange. The Company’s maintains a focus onexploration for high value battery metals required for the electricvehicle (EV) market.
The Company owns a 100%interest in the Texas Spring Property which consists of mineral lodeclaims located in Elko County, Nevada. The Property is in theGranite Range southeast of Jackpot, Nevada, about 73 kmnorth-northeast of Wells, Nevada. The target is a lithium clay depositin volcanic tuff and tuffaceous sediments of the Humbolt Formation. APhase 1 exploration program at the Texas Springs Property (Fall 2023)yielded average lithium grades of 2010ppm, applying a 1,000 ppm cut-off, and up to 5,610 ppmLithium .
The Texas Springproperty adjoins the southern border of the Nevada North LithiumProject - owned by Surge Battery Metals Inc. (“Surge”) (TSXV:NILI, OTC: NILIF) and comprised of 725 mineral claims. Surge's firstround of drilling identified strongly mineralized lithium bearingclays. The average lithium content within all near surface clay zonesintersected in the 2022 drilling program, applying a 1000 ppm cut-off,was 3254 ppm. (Press release March 29,2023 ). More recent results haveshown higher grade lithium up to 8070 ppm on this property afterinitial drilling (Press release September 12,2023 ). Ourexploration results are on-trend with these results.
AboutClayton Valley Lithium Project
The Company owns a 100%interest in 113 lithium lode and placer claims covering over 640hectares in Clayton Valley. Clayton Valley is a down-dropped closedbasin formed by the Miocene age Great Basin extension and is stillactive due to movement along the Walker Lane structural zone. As aresult, the basin has preserved multiple layers of lithium bearingvolcanic ash, resulting from multiple eruptive events over the past 6million years including eruptions from the 700,000-year-old LongValley Caldera system and related events. These ash layers arethought to contribute to the lithium brines extracted by Albemarle andare also likely involved in the formation of the exposed lithium richclay deposits on the east side of Clayton Valley.
The Company owns a 100%interest in 80 placer claims covering approximately 635 hectares ofalluvial sediments and clays located 122 km northeast of Tonopah,Nevada.
On Behalf of the Boardof Directors
Email: info@gridbatterymetals.com
Neither the TSX Venture Exchange nor its Regulation ServicesProvider (as that term is defined in the policies of the TSX VentureExchange) accepts responsibility for the adequacy or accuracy of thisrelease. This news release may contain forward-looking statementswhich include, but are not limited to, comments that involve futureevents and conditions, which are subject to various risks anduncertainties. Except for statements of historical facts, commentsthat address resource potential, upcoming work programs, geologicalinterpretations, receipt and security of mineral property titles,availability of funds, and others are forward-looking. Forward-lookingstatements are not guarantees of future performance and actual resultsmay vary materially from those statements. General business conditions are factorsthat could cause actual results to vary materially fromforward-looking statements. It should be noted that results from any adjacent property(s) are notan indication of what may be found on the Company’sproperty(s).
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