Former Grid Subsidiary, AC/DC Battery Metals Closes $2,000,000 Private Placement and Announces Commencement of Trading on the TSX Venture Exchange
NEWS RELEASE
Former Grid Subsidiary, AC/DC Battery Metals Closes $2,000,000 Private
Placement and Announces Commencement of Trading on the TSX
Venture Exchange
Coquitlam, BC – July 9, 2024 Grid Battery Metals Inc. (the “Company” or “Grid”) (TSXV: CELL)
(OTCQB: EVKRF)(FRA: NMK2) announces that further to its news release dated June 17, 2024, the
Company’s former subsidiary, AC/DC Battery Metals Inc. (“AC/DC”) has closed a non-brokered
private placement financing offering of 40,000,000 units (“Units”) at a price of CAD$0.05 per Unit for
gross proceeds of CAD$2,000,000. Each Unit is comprised of one common share and one share
purchase warrant (“Warrant”). Each Warrant will entitle the holder thereof to purchase one
additional common share of the Company at an exercise price of CAD$0.05 per share for a period of
five years from closing, subject to TSX Venture Exchange (“Exchange”) approval.
Furthermore, AC/DC Shares commenced trading on the Exchange under the symbol "TSXV: ACDC" at
the opening of market on July 8, 2024. AC/DC has also launched its website at
www.acdcbatterymetals.com, and AC/DC’s social media accounts for Facebook, LinkedIn and Twitter
are also available.
Mr. Tim Fernback, Grid President & CEO states “This is an exciting time for Grid and AC/DC
shareholders …. completing a significant financing in a challenging junior capital market and a new
public listing of AC/DC shares ( TSXV: ACDC). We set out on this journey many months ago, and
fulfilled a commitment to our Grid Battery Metals shareholders to offer a valuable AC/DC share
dividend as we spun out the subsidiary. We are looking forward to creating more shareholder value
and to the future success of AC/DC on the TSXV.”
All securities issued in connection with the private placement are subject to a four-month and a day
hold period expiring on November 4, 2024 in accordance with applicable Canadian Securities Laws.
The proceeds of the Private Placement will be used for exploration and development and for general
working capital purposes.
AC/DC Insiders purchased a total of 3,000,000 units under the Private Placement, which is
considered a related party transaction within the meaning of Multilateral Instrument 61-101
Protection of Minority Security Holders in Special Transactions ("MI 61-101"). The Company relied on
the exemptions from the valuation and minority shareholder approval requirements of MI 61-101
contained in Sections 5.5(a) and 5.7(a), respectively, of MI 61-101 in respect of such insider
participation. No new insiders and no control persons were created in connection with the private
placement.
Grid Battery Metals Inc..
3028 Quadra Court
Coquitlam, BC, V3B 5X6
604- 428-5690
www.gridbatterymetals.com
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About Grid Battery Metals Inc. www.gridbatterymetals.com.
Grid Battery Metals Inc. is a Canadian based exploration company whose primary listing is on the
TSX Venture Exchange. The Company’s maintains a focus on exploration for high value battery
metals required for the electric vehicle (EV) market.
About Texas Springs Property
The Company owns a 100% interest in the Texas Spring Property which consists of mineral lode
claims located in Elko County, Nevada. The Property is in the Granite Range southeast of Jackpot,
Nevada, about 73 km north-northeast of Wells, Nevada. The target is a lithium clay deposit in
volcanic tuff and tuffaceous sediments of the Humbolt Formation. A Phase 1 exploration program
at the Texas Springs Property (Fall 2023) yielded average lithium grades of 2010 ppm, applying a
1,000 ppm cut-off, and up to 5,610 ppm Lithium.
The Texas Spring property adjoins the southern border of the Nevada North Lithium Project -
owned by Surge Battery Metals Inc. (“Surge”) (TSXV: NILI, OTC: NILIF) and comprised of 725
mineral claims. Surge's first round of drilling identified strongly mineralized lithium bearing clays.
The average lithium content within all near surface clay zones intersected in the 2022 drilling
program, applying a 1000 ppm cut-off, was 3254 ppm. (Press release March 29, 2023). More recent
results have shown higher grade lithium up to 8070 ppm on this property after initial drilling (Press
release September 12, 2023). Our exploration results are on-trend with these results.
About Clayton Valley Lithium Project
The Company owns a 100% interest in 113 lithium lode and placer claims covering over 640
hectares in Clayton Valley. Clayton Valley is a down-dropped closed basin formed by the Miocene
age Great Basin extension and is still active due to movement along the Walker Lane structural zone.
As a result, the basin has preserved multiple layers of lithium bearing volcanic ash, resulting from
multiple eruptive events over the past 6 million years including eruptions from the 700,000-year-
old Long Valley Caldera system and related events. These ash layers are thought to contribute to
the lithium brines extracted by Albemarle and are also likely involved in the formation of the
exposed lithium rich clay deposits on the east side of Clayton Valley.
Volt Canyon Lithium Property
The Company owns a 100% interest in 80 placer claims covering approximately 635 hectares of
alluvial sediments and clays located 122 km northeast of Tonopah, Nevada.
On Behalf of the Board of Directors
“Tim Fernback”
Tim Fernback, President & CEO
Contact Information:
Email: [email protected]
Phone: 604- 428-5690
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of
the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This news release
may contain forward-looking statements which include, but are not limited to, comments that involve future
events and conditions, which are subject to various risks and uncertainties. Except for statements of historical
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facts, comments that address resource potential, upcoming work programs, geological interpretations, receipt
and security of mineral property titles, availability of funds, and others are forward-looking. Forward-looking
statements are not guarantees of future performance and actual results may vary materially from those
statements. General business conditions are factors that could cause actual results to vary materially from
forward-looking statements. It should be noted that results from any adjacent property(s) are not an indication
of what may be found on the Company’s property(s).