NIKLF - Grid Battery Announces Record Date and Effective Date for Spin-Out of AC/DC Battery Shares
(TheNewswire)
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Grid Battery Metals Inc. sets April25, 2024 as the record datefor the distribution to its shareholders of AC/DC shares
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Payment date for the distributionwill be April 26, 2024
Coquitlam, BC – TheNewswire - April 18, 2024 - Grid Battery MetalsInc. (the “Company” or “Grid”) (TSXV:CELL, OTCQB: EVKRF FRA: NMK2) is pleased to announce that the Companyhas fixed Thursday April 25, 2024 as the record date for thedistribution of the AC/DC Battery Metals (“AC/DC”) common sharesto the Company’s shareholders (the “Distribution Record Date”). On the Effective Date, Friday, April 26, 2024, the Company’sshareholders of record at the close of business on the DistributionRecord Date will receive 0.05 AC/DC common shares for every 1 Gridcommon shares (“Shares”) held.
The Company’s shareholders of record on theDistribution Record Date will receive an aggregate of 9,414,040 AC/DCcommon shares on a pro rata basis based on the number of issued andoutstanding Shares of the Company on the Distribution Record Date. No fractional AC/DC common shares will be distributed to Grid’sshareholders; all fractional amounts will be rounded to the nearestwhole AC/DC common share. AC/DC is acquiring the Nickel Propertiesin British Columbia from Grid under the previously announced plan ofarrangement as amended in exchange for 9,414,040 shares ofAC/DC.
The Plan of Arrangement received shareholder approvalon April 9, 2024 and the final court order for the Plan of Arrangementwas obtained on April 12, 2024 from the Supreme Court of BritishColumbia pursuant to provisions of the BC Business Corporations Act. Receipt of final TSX Venture Exchange approval is subject to receivingthe remaining closing documents which is expected to be on or beforeApril 22, 2024.
AC/DC intends to issue a further news release as itpursues a listing on the TSX Venture Exchange.
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 r esults with average lithium grades of 2010 ppm, applying a1,000 ppm cut-off, and up to 5,610 ppm Lithium .
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 have shown higher grade lithium upto 8070 ppm on this property after initial drilling (Press release September 12, 2023 ). Our exploration results are on-trendwith 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.
Aboutthe British Columbia, Nickel Projects
The Mount SidneyWilliams Group consists of three claim blocks with a total area of10,569 hectares in the area surrounding Mount Sidney Williams, bothadjoining and near the Decar project of FPX Nickel Corp., located 100kilometres northwest of Fort St. James, B.C., in the Omineca miningdivision. Metallic mineralization includes nickel, cobalt, andchromium. At least some of the nickel mineralization occurs asawaruite. The Mitchell Range Group area claim consists of one claimblock covering 8,659 hectares with demonstrated metallicmineralization including nickel, cobalt, and chromium. Nickel cobaltmineralization has not been well explored, but the presence ofawaruite has been documented. The Company’s B.C. Nickel propertiesare held within Grid’s wholly-owned subsidiary, AC/DC Battery MetalsInc.
The Company has previously announced plans to spin out its wholly-owned subsidiary, AC/DC BatteryMetals Inc., finance it separately, and separately list it on the TSXVenture Exchange in 2024. This transaction once complete, willprovide a valuable share dividend to each Grid Shareholder of recordfor no additional cost.
On Behalf of the Board of Directors
“Tim Fernback”
Tim Fernback, President & CEO
Contact Information:
Email: info@gridbatterymetals.com
Phone: 604- 4 28-5690
Neither the TSX Venture Exchange norits Regulation Services Provider (as that term is defined in thepolicies of the TSX Venture Exchange) accepts responsibility for theadequacy or accuracy of this release. This news release may containforward-looking statements which include, but are not limited to,comments that involve future events and conditions, which are subjectto various risks and uncertainties. Except for statements ofhistorical facts, comments that address resource potential, upcomingwork programs, geological interpretations, receipt and security ofmineral property titles, availability of funds, and others areforward-looking. Forward-looking statements are not guarantees offuture performance and actual results may vary materially from thosestatements. General business conditions are factors that could causeactual results to vary materially from forward-lookingstatements.
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