Grid Battery Results of Annual General and Special Meeting of Shareholders
NEWS RELEASE
Grid Battery Results of Annual General
and Special Meeting of Shareholders
Coquitlam, BC – April 10, 2024- Grid Battery Metals Inc. (the “Company” or “Grid”) (TSXV: CELL,
OTCQB: EVKRF FRA: NMK2) is pleased to announce the results of its Annual General and Special
Meeting (the “Meeting”) of shareholders of the Company held on April 9, 2024. All matters set out in
its management information circular dated March 7, 2024 were approved with 99% voting in favour
of all resolutions, including approval of the proposed plan of arrangement (the “Arrangement”) for
the previously announced spin-out by the Company of 9,414,040 common shares of its wholly owned
subsidiary AC/DC Battery Metals Inc. (“AC/DC”) to the shareholders of the Company and the
Company will transfer to AC/DC ownership of its Nickel Properties in British Columbia. The
Company will keep shareholders apprised of the status of the closing of the Arrangement and the
timing of the share dividend.
Mr. Tim Fernback, Grid President & CEO, states “This is an important step towards realizing
additional shareholder value for our nickel properties in BC. Nickel has emerged as a critical metal
in the global transition to electric vehicles (EV) and renewable energy. With nickel prices rebounding
and demand poised to take off from the EV revolution, the case for finding good quality North
American nickel deposits is compelling. Our immediate neighbour to the east, FPX Nickel Corp., is in
the process of developing what is considered one of the world’s largest nickel deposits and has
garnered considerable attention from the investment arms of mining giants Sumitomo Metal (Tokyo,
Japan) and the world’s largest stainless-steel producer Outokumpu Oyj (Helsinki, Finland).
Focussing the parent Grid on lithium projects in Nevada and our subsidiary AC/DC on our nickel
properties in Canada AND issuing a valuable share dividend at no additional cost to our shareholders
when we separately finance and list AC/DC on the TSX Venture Exchange (the “Exchange”), will
certainly add a tangible value to our shareholders.”
At the Meeting, the four directors of the Company Tim Fernback, Robert Setter, Ali Alizadeh and Jay
Oness were re-elected and Dale Matheson Carr-Hilton Labonte LLP, Charted Professional
Accountants were re-appointed as the Company’s auditors. Following the Meeting the Board of
Directors appointed Tim Fernback, Ali Alizadeh and Jay Oness as members of the Audit Committee
for the upcoming year.
The Company has received conditional Exchange approval and Interim Court approval to the
Arrangement and the Company plans to close the Arrangement in the next couple of weeks.
In connection with the approval of the Arrangement, the shareholders also approved the matters
relating to AC/DC as follows;
1. the re-appointment of Shim & Associates LLP, Charted Professional Accountants, as auditor
of AC/DC for the ensuing year;
2. the adoption of the 10% rolling Stock Option Plan for AC/DC; and
Grid Battery Metals Inc..
3028 Quadra Court
Coquitlam, BC, V3B 5X6
604- 428-5690
www.gridbatterymetals.com
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3. the approval of a private placement for AC/DC of up to 40,000,000 units at $0.05 per unit.
Each unit is comprised of one common share and one share purchase warrant. Each whole
warrant will entitle the holder thereof to purchase one additional common share of the
Company at an exercise price $0.06 for a period of five years from closing. The private
placement is conditional upon amongst other things, the closing of the Plan of Arrangement,
subject to Final Court and Exchange approval.
About Grid Battery Metals Inc.
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.
www.gridbatterymetals.com.
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 results with 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.
About the British Columbia, Nickel Projects
The Mount Sidney Williams Group consists of three claim blocks with a total area of 10,569 hectares
in the area surrounding Mount Sidney Williams, both adjoining and near the Decar project of FPX
Nickel Corp., located 100 kilometres northwest of Fort St. James, B.C., in the Omineca mining
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division. Metallic mineralization includes nickel, cobalt, and chromium. At least some of the nickel
mineralization occurs as awaruite. The Mitchell Range Group area claim consists of one claim block
covering 8,659 hectares with demonstrated metallic mineralization including nickel, cobalt, and
chromium. Nickel cobalt mineralization has not been well explored, but the presence of awaruite
has been documented. The Company’s B.C. Nickel properties are held within Grid’s wholly-owned
subsidiary, AC/DC Battery Metals Inc.
The Company has previously announced plans to spin out its wholly-owned subsidiary, AC/DC
Battery Metals Inc., finance it separately, and separately list it on the TSX Venture Exchange in 2024.
This transaction once complete, will provide a valuable share dividend to each Grid Shareholder of
record for no additional cost.
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
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).