The Prospector News

PATRIOT BATTERY METALS ANNOUNCES CLOSING OF $11M FLOW-THROUGH FINANCING

You have opened a direct link to the current edition PDF

Open PDF Close
Uncategorized

Share this news article

PATRIOT BATTERY METALS ANNOUNCES CLOSING OF $11M FLOW-THROUGH FINANCING

 

 

 

 

 

Patriot Battery Metals Inc. (CSE: PMET) (OTCQB: RGDCF) (FSE: R9GA) has completed a private placement of 17,973,856 units at a price of C$0.612 per unit for aggregate gross proceeds of C$10,999,999.87. Each unit is comprised of one flow through common share and one common share purchase warrant exercisable for two years at a price of $0.75. In addition to statutory four-month resale restrictions, the FT units are subject to a contractual restriction on resale expiring 12 months from the completion of the Offering.

 

Blair Way, Company President and Director, comments: “I am very pleased to be announcing this significant and strategic financing for the company. This will enable us to move the Corvette – FCI project forward with a winter and summer drill program. Our fall 2021 drill results will continue coming in from the assay labs in the new year and I look forward to sharing those result. The Company is well positioned for the future and I look forward to providing regular updates as we grow our understanding on the scale of this new discovery.”

 

The gross proceeds received by the Company from the sale of the FT units will be used to incur Canadian exploration expenses (CEE) that are flow-through mining expenditures (as such terms are defined in the Income Tax Act (Canada)) on the company’s Corvette-FCI project in the James Bay area of Quebec, by Dec. 31, 2022. The Company will renounce such expenditures to the subscribers effective Dec. 31, 2021.

 

In connection with the Offering, the Company issued a  commission of  (i) 977,778 common shares in the capital of the Company, representing 4% of the aggregate gross proceeds of the Offering settled in shares of the Company at a price of $0.45 per share; and (ii) 2,156,863 broker warrants, each such warrant entitling the holder to obtain a unit of the Company at a price of $0.45 per Broker Unit for a period of 24 months from the closing of the Offering. Each Broker Unit consists of one common share in the capital of the Company and one common share purchase warrant exercisable for two years at an exercise price of $0.75.

 

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 projects containing battery, base and precious metals.

 

The Company’s flagship asset is the Corvette-FCI Property which includes the wholly owned Corvette claim block, and the FCI East and West claim blocks held under Option from O3 Mining Inc, located in the James Bay Region of Québec. The claim blocks are contiguous, and host significant gold-silver-copper-PGE-lithium potential highlighted by the Golden Gap Prospect 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, the Elsass and Lorraine prospects with 8.15% Cu, 1.33 g/t Au, and 171 g/t Ag in outcrop, and the CV1 Pegmatite Prospect with 2.28% Li2O over 6 m in channel.

 

The 100% owned Freeman Creek Gold Property hosts two major advanced targets – 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.

 

In addition, the Company holds the Pontax Lithium-Gold Property, QC; the Golden Silica Property, BC; and the Hidden Lake Lithium Property, NWT, where the Company maintains a 40% interest, as well as several other assets in Canada.

 

Posted December 22, 2021

Share this news article

MORE or "UNCATEGORIZED"


Interra Copper Reports Further Anomalous Cathedral Main Zone Drill Results

Interra Copper Corp. (CSE: IMCX) (OTCQB: IMIMF) (FRA: 3MX)  anno... READ MORE

January 24, 2022

Mandalay Resources Continues to Produce Excellent Results From Its Björkdal Eastward Mine Extension Drilling Programs

Veining with visible gold, supported by excellent grades, indicat... READ MORE

January 24, 2022

Capitan Mining Drills 38.1m of 0.63 G/T AuEq within a Broad Zone of 195.1m of 0.34 G/T Aueq.

Capitan Mining Inc. (TSX-V: CAPT) is pleased to report results f... READ MORE

January 24, 2022

Gold’n Futures Intersects Significant Gold Mineralization in the Golden Mile Zone in First Four Drill Holes at its Hercules Property in Northern Ontario

Gold’n Futures Mineral Corp. (CSE: FUTR) (FSE: G6M), (OTC: GFTR... READ MORE

January 24, 2022

GFG Intercepts Multiple Gold Zones in First Hole at the Montclerg Gold Project and Provides Corporate Update

GFG Resources Inc. (TSX-V: GFG) (OTCQB: GFGSF) announces that it... READ MORE

January 24, 2022

We acknowledge the [financial] support of the Government of Canada.

Government of Canada Supported
Copyright 2022 The Prospector News