Grid Battery Metals Inc. (TSXV: CELL) (OTCQB: EVKRF)(FRA: NMK2) announced that its former subsidiary, AC/DC Battery Metals Inc. (“AC/DC”), has closed a non-brokered private placement of 40,000,000 units priced at CAD$0.05 per unit, generating gross proceeds of CAD$2,000,000. Each unit includes one common share and one share purchase warrant, enabling the purchase of one additional common share at CAD$0.05 per share for five years, pending TSX Venture Exchange approval.

Additionally, AC/DC shares (TSXV: ACDC) commenced trading on the Exchange on July 8, 2024. AC/DC also launched its website and social media accounts on Facebook, LinkedIn, and Twitter.

Mr. Tim Fernback, President & CEO of Grid, stated, “This is an exciting time for Grid and AC/DC shareholders. Completing a significant financing in a challenging junior capital market and listing AC/DC shares is a major milestone. We are committed to creating shareholder value and look forward to AC/DC’s future success on the TSXV.”

All securities issued in connection with the private placement are under a four-month and a day hold period, expiring on November 4, 2024, per Canadian Securities Laws. Proceeds will be used for exploration, development, and general working capital.

AC/DC insiders purchased 3,000,000 units under the private placement, qualifying as a related party transaction according to Multilateral Instrument 61-101. The company relied on exemptions from valuation and minority shareholder approval requirements in respect to this insider participation. No new insiders or control persons were created.

About Grid Battery Metals Inc.

Grid Battery Metals Inc. is a Canadian exploration company primarily listed on the TSX Venture Exchange. The company focuses on exploring high-value battery metals essential for the electric vehicle market.

About Texas Springs Property

Grid Battery Metals Inc. owns a 100% interest in the Texas Springs Property, consisting of mineral lode claims in Elko County, Nevada. The property, located in the Granite Range southeast of Jackpot, Nevada, targets a lithium clay deposit. The Phase 1 exploration program in Fall 2023 yielded average lithium grades of 2010 ppm, with a cut-off of 1,000 ppm, peaking at 5,610 ppm lithium.

The Texas Springs property borders the Nevada North Lithium Project, owned by Surge Battery Metals Inc. (TSXV: NILI, OTC: NILIF) which comprises 725 mineral claims. Their initial drilling identified lithium-bearing clays averaging 3254 ppm lithium (1000 ppm cut-off). More recent results have shown up to 8070 ppm lithium.

About Clayton Valley Lithium Project

Grid Battery Metals Inc. owns 113 lithium lode and placer claims covering over 640 hectares in Clayton Valley. The basin preserves multiple layers of lithium-bearing volcanic ash, thought to contribute to lithium brines and rich clay deposits in the area.

About Volt Canyon Lithium Property

Grid Battery Metals Inc. owns 80 placer claims covering approximately 635 hectares near Tonopah, Nevada.

Disclaimer:
The content presented on this page has not been manually verified by our team. While we strive to ensure accuracy, we cannot guarantee the validity, completeness, or timeliness of the information provided. Always consult with appropriate professionals or sources before making any decisions based on this content.

The image is randomly selected and doesn’t necessarily represent the company or the news below.

Click here for more Company News