NIKLF - Grid Battery Results of Annual General and Special Meeting of Shareholders
(TheNewswire)
Coquitlam, BC – TheNewswire - April 10, 2024 - Grid Battery MetalsInc. (the “Company” or “Grid”) (TSXV:CELL, OTCQB: EVKRF FRA: NMK2) is pleased to announce the results ofits Annual General and Special Meeting (the “Meeting”) ofshareholders of the Company held on April 9, 2024. All matters setout in its management information circular dated March 7, 2024 wereapproved with 99% voting in favour of all resolutions, includingapproval of the proposed plan of arrangement (the “Arrangement”)for the previously announced spin-out by the Company of 9,414,040common shares of its wholly owned subsidiary AC/DC Battery Metals Inc.(“AC/DC”) to the shareholders of the Company and the Company willtransfer to AC/DC ownership of its Nickel Properties in BritishColumbia. The Company will keep shareholders apprised of the statusof the closing of the Arrangement and the timing of the sharedividend.
Mr. Tim Fernback, Grid President & CEO, states“This is an important step towards realizing additional shareholdervalue for our nickel properties in BC. Nickel has emerged as acritical metal in the global transition to electric vehicles (EV) andrenewable energy. With nickel prices rebounding and demand poised totake off from the EV revolution, the case for finding good qualityNorth American nickel deposits is compelling. Our immediateneighbour to the east, FPX Nickel Corp., is in the process ofdeveloping what is considered one of the world’s largest nickeldeposits and has garnered considerable attention from the investmentarms of mining giants Sumitomo Metal (Tokyo, Japan) and the world’slargest stainless-steel producer Outokumpu Oyj (Helsinki, Finland). Focussing the parent Grid on lithium projects in Nevada and oursubsidiary AC/DC on our nickel properties in Canada AND issuing avaluable share dividend at no additional cost to our shareholders whenwe separately finance and list AC/DC on the TSX Venture Exchange (the“Exchange”), will certainly add a tangible value to ourshareholders.”
At the Meeting, the four directors of the Company TimFernback, Robert Setter, Ali Alizadeh and Jay Oness were re-electedand Dale Matheson Carr-Hilton Labonte LLP, Charted ProfessionalAccountants were re-appointed as the Company’s auditors. Followingthe Meeting the Board of Directors appointed Tim Fernback, AliAlizadeh and Jay Oness as members of the Audit Committee for theupcoming year.
The Company has received conditional Exchange approvaland Interim Court approval to the Arrangement and the Company plans toclose the Arrangement in the next couple of weeks.
In connection with the approval of the Arrangement, theshareholders also approved the matters relating to AC/DC asfollows;
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the re-appointment of Shim Associates LLP, ChartedProfessional Accountants, as auditor of AC/DC for the ensuingyear;
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the adoption of the 10% rolling Stock Option Plan forAC/DC; and
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the approval of a private placement for AC/DC of up to40,000,000 units at $0.05 per unit. Each unit is comprised of onecommon share and one share purchase warrant. Each whole warrant willentitle the holder thereof to purchase one additional common share ofthe Company at an exercise price $0.06 for a period of five years fromclosing. The private placement is conditional upon amongst otherthings, the closing of the Plan of Arrangement, subject to Final Courtand Exchange approval.
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 metalsrequired for the electric vehicle (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 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 conditionsare factors that 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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