Grid Metals Corp. Announces Private Placement
Grid Metals Corp. Announces Private Placement
Not for distribution to United States Newswire Services or for dissemination in the United States
Toronto, Ontario, December 14, 2020 – Grid Metals Corp. (the "Company") (TSXV:GRDM) is pleased to
announce a non-brokered private placement of securities of the Company to raise gross proceeds of up
to C$2,250,000 (the “Offering”). The Offering will be comprised of any combination of the following:
• Non flow-through units of the Company (the "Units") to be sold at a price of C$0.15 per Unit;
• Flow-through units of the Company (the “FT Units”) to be sold at a price of C$0.17 per FT Unit ;
and
• Charitable flow-through units of the Company (the “Charity FT Units ”) to be sold at a price of
C$0.21 per Charity FT Unit.
Each Unit will be comprised of one common share of the Company (each, a “Common Share”) and one
half of one common share purchase warrant (a "Warrant"). Each Warrant will entitle the holder thereof
to acquire one Common Share at a price of C$0.22 for a period of 24 months from the closing date of the
Offering. Each FT Unit and Charity FT Unit will be comprised of one common share of the Company to be
issued as “flow-through shares” within the meaning of the Income Tax Act (Canada) (each, a “FT Share”)
and one half of one Warrant. The exact number of Units, FT Units and Charity FT Units sold will be
determined at the closing of the Offering. Red Cloud Securities Inc. will be acting as a finder in connection
with the Offering.
The Company may elect to increase the size of the Offering by selling additional Units, FT Units or Charity
FT Units at the offering prices for additional gross proceeds of up to C$500,000.
The net proceeds from the Units will be used for exploration of the Company’s East Bull Lake property
and general working capital purposes. Proceeds from the sale of FT Shares will be used to incur "Canadian
exploration expenses" as defined in subsection 66.1(6) of the Income Tax Act and "flow through mining
expenditures" as defined in subsection 127(9) of the Income Tax Act ("Qualifying Expenditures"). Such
proceeds will be renounced to the subscribers with an effective date not later than December 31, 2020,
in the aggregate amount of not less than the total amount of gross proceeds raised from the issue of FT
Shares.
The closing of the Offering is expected to occur on or about December 24, 2020 and is subject to receipt
of all necessary regulatory approvals. The Common Shares, FT Shares, and any Common Shares issuable
upon the exercise of the Warrants and finder’s warrants issued with respect to the Offering will be subject
to a hold period of four months and one day in accordance with applicable securities laws.
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.
About Grid Metals Corp.
Grid Metals Corp. is an exploration and development Company that has a diversified portfolio of projects
in the nickel-copper-platinum group metal sectors. These commodities are vital to the emerging battery
metals, energy storage and automotive sectors. All of Grid's projects are located in secure North American
mining jurisdictions. The Company is focused on timely advancement of its property portfolio through
prudent exploration and development activities. To find out more about Grid Metals Corp., please visit
www.gridmetalscorp.com.
On Behalf of the Board of Grid Metals Corp.
Robin Dunbar - President, CEO & Director Telephone: 416-955-4773 Email: [email protected]
David Black - Investor Relations Email: [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) (together, "forward-looking statements"). Such forward-looking
statements may include the Company's plans for its properties, the overall economic potential of its
properties, the availability of adequate financing 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 others, 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 fluctuations, 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 other 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.