GRID:CC - Grid Battery Closes $3000000 Private Placement
(TheNewswire)
Coquitlam, BC – TheNewswire - June 22, 2023- Grid Battery MetalsInc. (“formerly NickelRock Resources Inc.”) (the “Company” or “GridBattery”) (TSXV:CELL ) ( OTC:EVKRF ) ( FRA:NMK2) announces that it hasclosed a non-brokered private placement financing offering of60,000,000 units (“Units”) at a price of CAD$0.05 per Unit forgross proceeds of CAD$3,000,000.
Mr. Tim Fernback, Company President & CEO, states“We are very pleased to complete this significant financing for ourCompany and I am happy to state that we are nowfully funded going into the 2023 and 2024 mineral explorationseasons . We will use these additional fundsfor continued exploration efforts on our existing mineral propertiesand to add additional strategic Lithium exploration properties to ourmineral portfolio in the near future. Together with this financing,the Company will have approximately CAD$4.5 million in the bank, alongwith approximately CAD$3.6 million worth of marketable securities fromsome well-timed Nickel property dispositions to Surge Battery MetalsInc. Together, the Company has in excess ofCAD$8 million to be used to create additional shareholdervalue .”
Each Unit is comprised of one common share and oneshare purchase warrant (“Warrant”). Each Warrant will entitlethe holder thereof to purchase one additional common share of theCompany at an exercise price of CAD$0.055 per share for a period offive years from closing, subject to TSX Venture Exchange(“Exchange”) approval.
The Company also paid finder fees in the amount ofCAD$191,950 cash, 1,710,000 shares and 702,000 warrants in connectionwith the private placement. The finder fees are subject to Exchangeapproval.
All securities issued in connection with the privateplacement will be subject to a four?month and a day hold periodexpiring on October 23, 2023 in accordance with applicable CanadianSecurities Laws.
The proceeds of the Private Placement will be used forexploration and development and for general working capitalpurposes .
Insiders of the Company purchased a total of 1,000,000units under the Private Placement, which is considered a related partytransaction within the meaning of Multilateral Instrument61-101 Protection ofMinority Security Holders in Special Transactions (" MI61-101 "). 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 insiderparticipation.
Grid Battery Metals Inc. is a Canadian basedexploration company whose primary listing is on the TSX VentureExchange. The Company’s maintains a focus on exploration for highvalue battery metals required for the electric vehicle (EV) market. www.gridbatterymetals.com .
About Clayton Valley LithiumProject
The Company owns a 100% interest in 113 lithium lodeand placer claims covering over 640 hectares in Clayton Valley.Clayton Valley is a down-dropped closed basin formed by the Mioceneage Great Basin extension and is still active due to movement alongthe Walker Lane structural zone. As a result, the basin haspreserved multiple layers of lithium bearing volcanic ash, resultingfrom multiple eruptive events over the past 6 million years includingeruptions from the 700,000-year-old Long Valley Caldera system andrelated events. These ash layers are thought to contribute to thelithium brines extracted by Albemarle and are also likely involved inthe formation of the exposed lithium rich clay deposits on the eastside of Clayton Valley.
Volt Canyon Lithium Property
The Company owns a 100% interest in 80 placer claimscovering approximately 635 hectares of alluvial sediments and clayslocated 122 km northeast of Tonopah, Nevada.
About the British Columbia, NickelProjects
The Mount Sidney Williams Group consists of three claimblocks with a total area of 10,569 hectares in the area surroundingMount Sidney Williams, both adjoining and near the Decar project ofFPX Nickel Corp., located 100 kilometres northwest of Fort St. James,B.C., in the Omineca mining division. Metallic mineralization includesnickel, cobalt, and chromium. At least some of the nickelmineralization occurs as awaruite. The Mitchell Range Group areaclaim consists of one claim block covering 8,659 hectares withdemonstrated metallic mineralization including nickel, cobalt, andchromium. Nickel cobalt mineralization has not been well explored, butthe presence of awaruite has been documented.
On Behalf of the Board of Directors
“Tim Fernback”
604-428-5690
Tim Fernback, President & CEO
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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