(TheNewswire)
Coquitlam, BC, May 1, 2024 – TheNewswire – Fuse Battery Metals Inc. (“theCompany” or “Fuse”) (TSXV:FUSE, OTCQB: FUSEF, FRA: 43W3 ) announces that in order for theCompany to evaluate and reorganize its current exploration programsand to better finance the Company, the Company and the Board ofDirectors have approved and authorized a consolidation of theCompany's issued and outstanding shares on a 5 old for 1 new basis,consolidating its 187,948,801 currently outstanding shares to37,589,760 shares.
The Company will not be issuing fractional shares as a result of theconsolidation. Instead, all fractional shares equal or greater toone-half will be rounded to the next whole share. The Company'soutstanding stock options and share purchase warrants will be adjustedupon completion of the consolidation.
The Company does not intend to change its name or seek a new stocktrading symbol in connection with the Consolidation. The Company’sshares will continue to trade under the symbol “FUSE”. Theconsolidation remains subject to TSX Venture Exchange (“Exchange”)approval.
A letter of transmittal will be sent to the registered shareholdersproviding instructions to surrender the share certificates evidencingtheir pre-consolidated common shares for replacement certificates ofFuse representing the number of post-consolidated common shares theyare entitled to as a result of the consolidation. Until surrendered,each certificate representing the pre-consolidated common shares willbe deemed to represent the number of post-consolidated common sharesof Fuse Battery Metals Inc. that the holder thereof is entitled to asa result of the consolidation.
About Fuse Battery Metals Inc. https://fusebatterymetals.com
Fuse Battery Metals Inc. is a Canadian based exploration company thattrades under the symbol FUSE on the TSX Venture Exchange. The Company's focus is onexploration for high value metals required for the manufacturing ofbatteries.
Fuse owns 100% of the Lithium SpringsProperty which is located at the southern end of Black RockDesert, Nevada, about 132 air-line km north-northeast of Reno, Nevadain Sections 1, 2, 11, and 12 Township 32 North, Range 23. The centerof the property is about 40.676° North Latitude, 119.331° WestLongitude, (40° 40’ 33” N, 119° 19’ 52”): UTM X 302,900 UTMY4,505,400 NAD 27; Zone 11 N. Black Rock Desertbasin is about 110 km long and up to 25 km wide at the widest point.The central playa measures about 50 km northeast - southwest and 10 kmsoutheast - northwest. The western arm of the Black Rock Desert coversan area of about 2,000 square kilometers and contains 5 of the 30currently listed Known Geothermal Resource Areas in Nevada.
Fuse also owns 100% of the MonitorValley North Lithium Property which includes 97 placer claims(MVN1 – MVN97) covering approximately 770 hectares of alluvialsediments and clays located 134 km northeast of Tonopah, Nevada. Theproperty is located in Monitor Valley, Nevada, and the center of theproperty is about 39.21° North Latitude, 116.65° West Longitude. Theproperty is 55 km due west of the Little Smokey Valley, Nevada whereexploration for lithium is ongoing.
Fuse owns a 100% interest its Glencore Bucke Property, situated inBucke Township, 6 km east- northeast of Cobalt, Ontario, subject to aback-in provision, production royalty and off-take agreement. TheGlencore Bucke Property consists of 16.2 hectares and sits along thewest boundary of Fuse’s Teledyne Cobalt Project. The Company alsoowns a 100% interest, subject to a royalty, in the Teledyne Projectlocated near Cobalt, Ontario. The Teledyne Property adjoins the southand west boundaries of claims that hosted the Agnico Mine.
Glencore Bucke/Teledyne Property
Situated in Bucke Township, 6 km east-northeast of Cobalt, Ontario theGlencore Bucke Property adjoins, on its northeast corner, the formercobalt producing Agaunico Mine. From 1905 through to 1961, theAgaunico Mine produced a total of 4,350,000 lbs. of cobalt (“Co”),and 980,000 oz of silver (“Ag”) (Cunningham-Dunlop, 1979). The amount of cobalt produced from theAgaunico Mine is greater than that of any other mine in the CobaltMining Camp. Production ceased in 1961 due to depressed Coprices and over-supply (Thomson, 1964). The Glencore property is 100%owned by Fuse Cobalt subject to a back-in provision, productionroyalty and off-take agreement.
The associated Teledyne Property, located in Bucke and LorrainTownships, consists of 5 patented mining claims totaling 79.1 ha, and46 unpatented mining claim cells totaling approximately 700 ha. TheProperty is easily accessible by highway 567 and a well-maintainedsecondary road .
Over CAD$25 million has been spent thus far, (2020 dollarsinflation-adjusted) on the Teledyne Property resulting in valuableinfrastructure including a development ramp and a modern decline goingdown 500 ft parallel to the main cobalt mineralized vein. The TeledyneProperty is subject to a production royalty in favor of New Found Goldand an off-take agreement in favor of Glencore Canada Corp., while theGlencore Bucke Property is subject to a back-in provision, productionroyalty, and an off-take agreement in favor of Glencore Canada Corp.Glencore PLC is the world’s largest producer of cobalt. A significant portion of the cobalt that was produced at the Agaunico Mine was located along structures (Vein #15) that extended southward towardsthe northern boundary of the Teledyne Cobalt Property, currently 100% owned by FUSE. Mineralization was generallylocated within 125 ft (38.1 m) above the Huronian/Archeanunconformity. Stoping widths of up to 50 ft (15.2 m) were not unusualat the Agaunico Mine (Cunningham-Dunlop, 1979).
On Behalf of the Board of Directors
“Tim Fernback”
Contact Information:
Email: info@fusebatterymetals.com
Phone: 236-521-0207
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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