(TheNewswire)
Coquitlam, BC – TheNewswire - April 29 , 2024- Grid BatteryMetals Inc. (the “Company” or“Grid”) (TSXV: CELL, OTCQB: EVKRF FRA: NMK2) has received a request by the OTC Markets Group to comment onrecent promotional activity related to Grid’s common shares tradedon the OTC Markets.
The Company recently re-engaged marketing and mediaCompany, TD Media LLC dba Life Water Media (“TD Media”)on April10, the date the TSX Venture Exchange (“Exchange”) approved thecontract for a term of 3 months for a fee of US$150,000 to providemarketing services and increase awareness of the Company based onpreviously filed and publicly disclosed press release and corporateinformation that was provided to TD Media. The Company has recentlyclosed a Plan of Arrangement on April 26, 2024 and has disseminatedvarious news releases announcing the Plan of Arrangement and on April18, 2024 Grid announced the distribution record date of April 25, 2024whereby Grid shareholders who owned shares at this date would receive0.05 AC/DC Battery Meals Inc. shares on April 26, 2024.
The promotional materials received by the OTC appear toprovide an overview of the Company's business. The promotionalmaterials are based upon information made available by the Company,including the Company's news releases and investor presentations. TheCompany does not believe that the promotional materials have had aneffect on the trading activity in the Company's common shares. TheCompany had control over all TD Media information and subcontractorinformation. The Company has reviewed the promotional materials andwhile it does consider the materials to be speculative it does notconsider the statements made in the promotional materials to bematerially false or misleading. In all cases, the material pointsthe reviewer to the Company’s website and landing page which havebeen vetted by the Company and appropriately referenced whencontaining third party information. Disclaimers are present to makesure the reviewer contacts their professional advisor.
Upon inquiry of Company management, and as confirmed byindividual insider filings made on www.sedi.ca ,none of the Company's officers, directors or greater than 10%shareholders, or any third-party service providers, have (i) directlyor indirectly been involved in the creation of, distribution of, orpayment for promotional materials related to the Company or its commonshares or (ii) sold or purchased any of the Company's securities inthe past 90 days. As noted below the Companyhas retained TD Media and Triomphe Holdings dba Capital Analytica(“Triomphe”) to provide investor relations, social media andmarketing services to the Company, and have current PersonalInformation Forms (Form 2A/ Form 2C1) both approved and on file at theTSX Venture Exchange as per TSXV Policy 3.4 (Investor Relations,Promotional and Market-Making Activities).
Over the last year, the Company has engaged twothird-party providers for investor relations, public relations,marketing, advertising and other related activities: TDC Media andTriomphe engagement started on April 15, 2024, the date of Exchangeapproval.
Since 2022, the Company has completed privateplacements through the facilities of the Exchange whereby the Companyhas issued the following shares and warrants. The shares were issuedat discount to market allowable pursuant to private placement pricingpolicies of the Exchange and all securities issued were restricted andsubject to statutory hold periods. The warrant exercise prices wereat market price the time of issuance and as such were notdiscounted:
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February 2, 2023 – 35,000,000 shares at $0.05 and35,000,000 warrants exercisable at $0.065 for two years.
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June 8, 2023 – 60,000,000 shares at $0.05 and60,000,000 warrants exercisable at $0.055
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September 6, 2023 – 4,000,000 shares at $0.12 and4,000,000 warrants exercisable at $0.155 for five years twoyears.
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.
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.
On Behalf of the Board of Directors
“Tim Fernback”
Tim Fernback, President & CEO
Contact Information:
Email: info@gridbatterymetals.com
Phone: 604- 4 28-5690
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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