NIKLF - Grid Battery Metals and AC/DC Battery Metals Announces Update of Listing of AC/DC Shares on the TSXV and Financing Details
(TheNewswire)
Coquitlam, BC – TheNewswire - June 17, 2024 - Grid Battery Metals Inc. (“Grid”) ( TSXV: CELL, OTCQB: EVKRF FRA:NMK2 ) and AC/DC Battery Metals Inc. (the“Company” or “AC/DC”) ( TSXV:ACDC ) are pleased to announce that the Company has receivedconditional approval for the Listing of AC/DC Shares on the TSXVenture Exchange (“Exchange”). Pending final approval, theCompany will be listed as a Tier 2 issuer on the Exchange which shareswill trade under the symbol “ACDC”. The Company plans toannounce the details of the initial trading date of AC/DC shares inthe coming days.
The Company has also received conditional Exchange approval andShareholder approval for its non-brokered private placement offeringof 40,000,000 units (“Units”) at a price of CAD$0.05 per Unit forgross proceeds of CAD$2,000,000.
Each Unit is comprised of one common share and one share purchasewarrant (“Warrant”). Each Warrant will entitle the holder thereofto purchase one additional common share of the Company at an exerciseprice of CAD$0.06 per share for a period of five years from closing,subject to final Exchange” approval.
The Company will also pay finder fees in the amount of $25,500 cash,2,471,000 shares and 1,020,000 broker warrants in connection with theprivate placement. The finder fees are subject to Exchange approval.
All securities issued in connection with the private placement aresubject to a four-month and a day hold period in accordance withapplicable Canadian Securities Laws.
The proceeds of the Private Placement will be used for exploration anddevelopment and for general working capital purposes.
Insiders of the Company purchased a total of 3,000,000Units under the Private Placement, which is considered a related partytransaction within the meaning of Multilateral Instrument 61-101 Protection of MinoritySecurity 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 insider participation. No new insiders and no control persons were created in connectionwith the private placement.
About AC/DC Battery Metals Inc.
NickelProject, British Columbia
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 owns a 100% interest inthe Nickel Project.
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.
TexasSprings Property, Nevada USA
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.
Clayton Valley Lithium Project, Nevada USA
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.
VoltCanyon Lithium Property, Nevada USA
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 Board of Directors
“Tim Fernback”
Tim Fernback, President & CEO
AC/DC Battery Metals Inc.
Grid Battery Metals Inc.
Contact Information:
Email: info@acdcbatterymetals.com
Email: info@gridbatterymetals.com
Phone: 604-336-8026
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, commentsthat address resource potential, upcoming work programs, geologicalinterpretations, receipt and security of mineral property titles, availability of funds, andothers are forward-looking. Forward-looking statements are notguarantees of future performance and actual results may varymaterially from those statements. General business conditions arefactors that could cause actual results to vary materially fromforward-looking statements.
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