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Patriot Battery Metals Announces Closing of C$75M Financing

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Patriot Battery Metals Announces Closing of C$75M Financing

 

 

 

 

 

Highlights:

  • Patriot is pleased to announce it has successfully completed the Flow-Through Offering at a price of C$14.54 per share to institutional, professional and sophisticated investors for gross proceeds of approximately C$75M.
  • Proceeds raised from the sale of the Flow-Through Shares will be used to fund exploration on the Company’s Corvette Property.
  • The capital raising was significantly oversubscribed with strong support from existing and new shareholders.
  • Settlement on the ASX is anticipated to occur on June 4, 2024 (Sydney, Australia time) at which time 4,607,147 of the Flow-Through Shares will have been converted to 46,071,470 Chess Depositary Interests which will trade on the ASX.

Patriot Battery Metals Inc. (TSX: PMET) (ASX: PMT) (OTCQX: PMETF) (FSE: R9GA) is pleased to advise that, further to its news release issued on May 21, 2024, it has successfully completed the Flow-Through Offering of 5,159,959 Flow-Through Shares in the capital of the Company at a price of C$14.54 per share to institutional, professional and sophisticated investors for gross proceeds of approximately C$75M. Proceeds raised from the sale of the Flow-Through Shares will be used to fund exploration on the Company’s Corvette Property. Capitalized terms in this news release not otherwise defined have the meaning provided in the news release of May 21, 2024 – please refer to that release for more details about the Flow-Through Offering and the subsequent secondary sales through the CDI Block Trade and the Shares Block Trade. The Flow-Through Offering was facilitated by PearTree Securities Inc.

 

Settlement in Australia is anticipated to occur on June 4, 2024 (Sydney, Australia time) at which time 4,607,147 of the Flow-Through Shares will have been converted to  46,071,470 Chess Depositary Interests which trade on the ASX. Investors receiving CDIs are unable to convert their CDIs into common shares of the Company for the purpose of trading such shares in Canada until four months have elapsed from the settlement date. The 552,812 Flow-Through Shares that are not converted to CDIs will be subject to a four (4) month statutory hold period.

 

For the subsequent secondary sales through the CDI Block Trade and the Shares Block Trade, Euroz Hartleys Limited and Argonaut Securities Pty Limited are acting as Australian joint lead managers on the transaction on behalf of a syndicate that includes Bell Potter Securities Ltd. and Foster Stockbroking as Australian co-mangers, and Raymond James Ltd. is acting as international joint-lead manager on the transaction on behalf of a syndicate of Canadian agents including BMO Capital Markets and National Bank Financial Inc.

 

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 unless registered under the U.S. Securities Act and applicable state securities laws or in a transaction exempt from, or not subject to, the registration requirements of the U.S. Securities Act or the applicable state securities laws.

 

About Patriot Battery Metals Inc.

 

Patriot Battery Metals Inc. is a hard-rock lithium exploration company focused on advancing its district-scale 100% owned Corvette Property located in the Eeyou Istchee James Bay region of Quebec, Canada, and proximal to regional road and powerline infrastructure. The Corvette Property hosts the CV5 Spodumene Pegmatite with a maiden mineral resource estimate of 109.2 Mt at 1.42% Li2O inferred1 and ranks as the largest lithium pegmatite resource in the Americas based on contained lithium carbonate equivalent (LCE), and one of the top 10 largest lithium pegmatite resources in the world. Additionally, the Corvette Property hosts multiple other spodumene pegmatite clusters that remain to be drill tested, as well as more than 20 km of prospective trend that remains to be assessed.

 

1 The CV5 mineral resource estimate (109.2 Mt at 1.42% Li2O and 160 ppm Ta2O5 inferred) is reported at a cut-off grade of 0.40% Li2O with effective date of June 25, 2023 (through drill hole CV23-190). Mineral resources are not mineral reserves as they do not have demonstrated economic viability.

 

Posted May 31, 2024

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