Grid Battery Metals Inc. (TSXV: CELL) announced that its former subsidiary, AC/DC Battery Metals Inc. (TSXV: ACDC), has closed a CAD$2,000,000 private placement. The non-brokered financing consisted of 40,000,000 units at CAD$0.05 per unit.

Each unit includes one common share and one share purchase warrant. The warrant allows the holder to purchase an additional common share at CAD$0.05 per share for five years, pending TSX Venture Exchange approval.

AC/DC Battery Metals Commences Trading on TSX Venture Exchange

The company’s shares began trading under the symbol ‘TSXV: ACDC’ on July 8, 2024. AC/DC Battery Metals has also launched its social media accounts across Facebook, LinkedIn, and Twitter.

Management’s Perspective

Grid Battery Metals President & CEO Tim Fernback stated, ‘This is an exciting time for Grid and AC/DC shareholders. Completing significant financing in a challenging market and listing AC/DC publicly represents a key milestone. We look forward to creating more shareholder value and future success for AC/DC on the TSXV.’

Use of Proceeds

All securities issued in the private placement are subject to a four-month hold period expiring on November 4, 2024. Proceeds will be used for exploration, development, and general working capital purposes.

Insider Participation

Insiders purchased 3,000,000 units under the private placement, a related party transaction as defined by MI 61-101. The company relied on exemptions from the valuation and minority shareholder approval requirements contained in MI 61-101.

About Grid Battery Metals Inc. (CELL)

Grid Battery Metals Inc. is a Canadian exploration company focused on high-value battery metals for the electric vehicle market.

Texas Springs Property

The company owns 100% of the Texas Spring Property in Elko County, Nevada. The latest exploration yielded lithium grades between 1,000 ppm and 5,610 ppm.

Clayton Valley Lithium Project

The company owns 113 lithium lode and placer claims in Clayton Valley, a basin known for lithium brines and clay deposits formed from volcanic ash layers.

Volt Canyon Lithium Property

The company also owns 80 placer claims in an area rich in alluvial sediments and clays located northeast of Tonopah, Nevada.

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