NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE U.S
VANCOUVER, British Columbia, Sept. 15, 2022 (GLOBE NEWSWIRE) --
- C$20 million raised to continue drilling at the Corvette Property, James Bay Region, Quebec
- Financing conducted at a price of C$13.27 representing a 109% premium to PMET’s last traded share price as of Wednesday, 14 September (C$6.35)
- The Company will utilize these funds for a winter drill program to commence in late January 2023
Patriot Battery Metals Inc. (the “Company” or “Patriot”) (TSX-V: PMET) (OTCQB: PMETF) (FSE: R9GA) has entered into a subscription agreement with PearTree Securities Inc. for the issuance of 1,507,170 shares at a price of C$13.27 per share for aggregate gross proceeds of C$20 million (the “Offering”). The FT shares will be subject to statutory four-month resale restrictions from the completion of the Offering.
The gross proceeds received by the company from the sale of the shares will be used to incur Canadian exploration expenses (CEE) (as such term is defined in the Income Tax Act (Canada)) on the company's Corvette Property in the James Bay area of Quebec, by Dec. 31, 2023 that qualify for the federal 30% Critical Mineral Exploration Tax Credit announced in the federal budget on April 7, 2022. The Company will renounce such expenditures to the subscribers effective Dec. 31, 2022.
The closing of the Offering is subject to certain conditions including, but not limited to, the receipt of all necessary regulatory and other approvals.
Tectonic Advisory Partners (“Tectonic”), acted as advisor to Patriot. Tectonic is a New York-based resource focused boutique banking group. Tectonic securities transactions are executed through Ecoban Securities Corporation.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
About Patriot Battery Metals Inc.
Patriot Battery Metals Inc. is a mineral exploration company focused on the acquisition and development of mineral properties containing battery, base, and precious metals.
The Company’s flagship asset is the 100% owned Corvette Property, located proximal to the Trans-Taiga Road and powerline infrastructural corridor in the James Bay Region of Québec. The land package hosts significant lithium potential highlighted by the CV5-1 spodumene pegmatite corridor with drill intercepts of 1.65% Li2O and 193 ppm Ta2O5 over 159.7 m (CV22-042), and 2.22% Li2O and 147 ppm Ta2O5 over 70.1 m, including 3.01% Li2O and 160 ppm Ta2O5 over 40.7 m (CV22-017). Additionally, the Property hosts the Golden Gap Trend with grab samples of 3.1 to 108.9 g/t Au from outcrop and 10.5 g/t Au over 7 m in drill hole, and the Maven Trend with 8.15% Cu, 1.33 g/t Au, and 171 g/t Ag in outcrop.
The Company also holds 100% ownership of the Freeman Creek Gold Property in Idaho, USA which hosts two prospective gold prospects - the Gold Dyke Prospect with a 2020 drill hole intersection of 4.11 g/t Au and 33.0 g/t Ag over 12 m, and the Carmen Creek Prospect with surface sample results including 25.5 g/t Au, 159 g/t Ag, and 9.75% Cu.
The Company’s other assets include the Pontax Lithium-Gold Property, QC; and the Hidden Lake Lithium Property, NWT, where the Company maintains a 40% interest, as well as several other assets in Canada.
For further information, please contact us at email@example.com
Tel: +1 (604) 279-8709 , or visit www.patriotbatterymetals.com.
On Behalf of the Board of Directors,
Blair Way, President, CEO, & Director
Disclaimer for Forward-Looking Information
This news release contains forward-looking statements and other statements that are not historical facts. Forward-looking statements are often identified by terms such as “will”, “may”, “should”, “anticipate”, “expects” and similar expressions. All statements other than statements of historical fact, included in this news release are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company’s expectations include the results of further exploration and testing, and other risks detailed from time to time in the filings made by the Company with securities regulators, available at www.sedar.com. The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company. The reader is cautioned not to place undue reliance on any forward-looking information. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The forward-looking statements contained in this news release are made as of the date of this news release and the Company will update or revise publicly any of the included forward-looking statements as expressly required by applicable law.
No securities regulatory authority or stock exchange has reviewed nor accepts responsibility for the adequacy or accuracy of the content of this news release.