Grid Metals Corp. Adds Ordinary Flow-Through Shares to Financing
Grid Metals Corp. Adds Ordinary Flow-Through
Shares to Financing
Not for distribution to United States Newswire Services or for dissemination in the
United States
December 4, 2023 TORONTO -- Grid Metals Corp. (TSXV: GRDM; OTCQB: MSMGF)
("Grid" or the "Company") announces that it is amending the terms of its non-brokered financing
previously announced in its press release dated November 29, 2023. The Company is amending
the financing to also include ordinary flow-through common shares (“Ordinary Flow-Through
Shares”) as well as the previously announced Special (Charity) Flow -Through Shares (the
“Offering”). The Offering in total will be for a maximum of 30,000,000 common shares which is
unchanged. However, the Offering will now consist of any combination of Special Flow-Through
Shares and Ordinary Flow-Through Shares of the Company. The Ordinary Flow-Through Shares
will be priced at $0.14 per shar e and the Special Flow -Through Shares will be priced at C$0.18
per share for aggregate proceeds of up to C$5,400,000.
Each Ordinary Flow-Through Share and each Special Flow-Through Share will be issued as a
“flow-through share” within the meaning of the Income Tax Act (Canada). The exact number of
Ordinary Flow-Through Shares and Special ( Charity) Flow -Through Shares sold will be
determined prior to the closing of the Offering.
The financing will enable qualified investors to participate in the critical metals flow -through
financing to fund the exploration of the Company ’s 75% owned Donner Lake Lithium Property
and the Company’s 100% Falcon West Lithium Property for which the Company recently received
an exploration drill permit.
The proceeds from the issuance of the Ordinary Flow -Through Shares and the Special Flow -
Through Shares will be used for exploration of the Company’s property portfolio in Manitoba and
will be used to incur "Canadian exploration expenses" ("Qualifying Expenditures") as defined in
subsection 66.1(6) of the Income Tax Act. The Ordinary Flow-Through Shares and Special Flow-
Through Shares will be eligible for the 30% Manitoba Mineral Exploration Tax Credit and will
also qualify for the federal 30% Critical Mineral Exploration Tax Credit announced in the federal
budget on April 7, 2022. All proceeds will be renounced in favour of the subscr ibers with an
effective date not later than December 31, 2023, in the aggregate amount of not less than the total
amount of gross proceeds raised from the issue of the Ordinary Flow -Through Shares and the
Special Flow-Through Shares.
About Grid Metals Corp.
Grid Metals is focused on its Donner Lake Lithium Project located in the Bird River
greenstone belt in southeastern Manitoba, approximately 150 km northeast of
Winnipeg, Manitoba. Grid has a 75% project interest in Donner Lake and is the project
operator subject to a joint venture agreement with a fund controlled by Waratah Capital
Advisors. Grid has a lease agreement on the True North mill where it plans to process
feed from the Donner Lake Property. Grid also has an MOU with Tantalum Mining
Corporation of Canada Limited who operates the nearby producing Tanco Mine which
is one of only two lithium-producing mines in Canada. In addition to the 100%-owned
Falcon West Lithium Project, the Company controls the PEA stage Makwa-Mayville
Ni-Cu-PGM-Co project. Grid’s southeast Manitoba properties are located in the
traditional territory of the Sagkeeng First Nation.
On Behalf of the Board of Grid Metals Corp.
For more information about the Company, please see the Company website at
www.gridmetalscorp.com or contact:
Robin Dunbar – President, CEO & Director – [email protected]
Brandon Smith – Chief Development Officer – [email protected]
David Black – Investor Relations – [email protected]
We seek safe harbour. This news release contains forward -looking statements within the meaning of the
United States Private Securities Litigation Reform Act of 1995 and forward-looking information within the
meaning of the Securities Act (Ontario) (togethe r, "forward-looking statements"). Such forward -looking
statements include the Company’s closing of the proposed financial transactions, sale of royalty and
property interests. the overall economic potential of its properties, the availability of adequate f inancing
and involve known and unknown risks, uncertainties and other factors which may cause the actual results,
performance or achievements expressed or implied by such forward- looking statements to be materially
different. Such factors include, among o thers, risks and uncertainties relating to potential political risk,
uncertainty of production and capital costs estimates and the potential for unexpected costs and expenses,
physical risks inherent in mining operations, metallurgical risk, currency fluct uations, fluctuations in the
price of nickel, cobalt, copper and other metals, completion of economic evaluations, changes in project
parameters as plans continue to be refined, the inability or failure to obtain adequate financing on a timely
basis, and o ther risks and uncertainties, including those described in the Company's Management
Discussion and Analysis for the most recent financial period and Material Change Reports filed with the
Canadian Securities Administrators and available at www.sedar.com.
Neither the TSX Venture Exchange nor its Regulations Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press
release.
This news release does not constitute an offer of securities for sale in the United States. The securities
being offered have not been, nor will they be, registered under the United States Securities Act of 1933, as
amended, and such securities may not be offered or sold within the United States absent U.S. registration
or an applicable exemption from U.S. registration requirements.