NIKLF - Grid Battery Closes Disposition with Surge Battery of its Nickel Project
(TheNewswire)
Coquitlam, BC - TheNewswire- June 14, 2023- Grid Battery Metals Inc. (“formerly Nickel Rock ResourcesInc.”) (the “ Company ” or “ Grid Battery ”) (TSXV:CELL ) ( OTC:EVKRF ) ( FRA:NMK2) announces that, further to its news release dated April 3,2023, the Company has now closed the “related party” transactionand disposed of a 100% interest in the Nickel Project.
As disclosed in theApril 3, 2023 news release the Company entered into a n Option Agreement with Surge Battery Metals Inc.(“Surge”) dated March 31, 2023 (the “Agreement”), wherebySurge was granted the option (the "Option") to acquire theremaining 20% interest in the HN4 and N100 Claims, located in NorthernBritish Columbia. Surge had previously earned an undivided 80%interest in the Nickel Project. Three of theclaims are subject to 2% NSR, including the HN4 claim and the twosouthernmost claims of the N100 claim group.
As consideration for thetransaction, The Company has received 1,000,000 shares ofSurge.
Upon exercise of the Option , the Company transferred 100% ownershipof the Nickel Project to the Surge.
Pursuant to TSXV Policy5.9 and Multilateral Instrument 61-101 -- Protection of MinoritySecurity Holders in Special Transactions (" MI61-101 "), the Option Agreement constitutesa "related party transaction" due to the fact that the CFOis also the CFO of Surge. The Company relied on Section 5.5(a) of MI61-101 for an exemption from the formal valuation requirement andSection 5.7(1)(a) of MI 61-101 for an exemption from the minorityshareholder approval requirement of MI 61-101 as the fair market valueof the Transaction did not exceed 25% of the Company's marketcapitalization.
About Grid Battery MetalsInc.
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, and chromium. Nickel cobalt mineralization has notbeen well explored, but the 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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