Grit Metals Completes Debt Settlement

Rhea-AI Summary

Grit Metals (symbol: EUEMF) announced completion of a debt settlement on February 3, 2026. The company received TSX Venture Exchange approval and settled a $50,000 signing bonus owed to Vice President, Exploration Jake Clarke by issuing 416,667 common shares at a deemed price of $0.12 per share.

All issued securities are subject to a four-month-and-one-day resale restriction under TSXV policy.

Positive

• Settled a $50,000 liability through equity issuance, preserving cash
• Received TSX Venture Exchange approval for the debt settlement

Negative

• Issued 416,667 common shares at $0.12, causing shareholder dilution
• New shares are subject to a four-month-and-one-day resale restriction

News Market Reaction

+59.09%

1 alert

+59.09% News Effect

On the day this news was published, EUEMF gained 59.09%, reflecting a significant positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

Vancouver, British Columbia--(Newsfile Corp. - February 2, 2026) - Grit Metals Corp. (TSXV: FIN) (FSE: K9T) ("Grit" or the "Company") announces further to its news release of December 4, 2025, the Company has received TSX Venture Exchange approval and has settled an outstanding signing bonus payment totaling $50,000, owing to Jake Clarke, Vice President, Exploration of the Company, through the issuance of 416,667 common shares at a deemed price of $0.12 per common share. All securities issued in connection with the debt settlement are subject to restrictions on resale for a period four-months-and-one-day following the original issuance of such securities, in accordance with the policies of the TSX Venture Exchange.

About Grit Metals Corp.

Grit Metals Corp. is a junior mining company currently focused on the Lithium-Cesium-Tantalum Finnish Pegmatite Project in central Finland. Governing bodies in Europe and Finland are legislating environmentally friendly and energy independent laws and policies. One of the key components is access to REE and, specifically, lithium. The company's exploration licenses are located within 1 kms of the Keliber mine and production complex, currently under construction and expected to begin production in H2 2025.

An estimated €600 million investment by Keliber's parent company Sibanye-Stillwater Limited in partnership with the Finnish Minerals Group (www.mineralsgroup.fi) is underway in the Kautinen Region and will see the development of open-pit and underground mining from several deposits, construction of a central spodumene concentrator plant and a lithium hydroxide chemical plant at tidewater in Kokkola. When completed, this complex will comprise a complete hard-rock spodumene pegmatite lithium supply chain (source: www.sibanyestillwater.com).

Grit Metals Corp. is a junior exploration company focused on lithium-cesium-tantalum pegmatites in central Finland. The Company's exploration licences are located within 1 km of Keliber's mine and production complex, a €600 million investment by Sibanye-Stillwater Limited in partnership with Finnish Minerals Group (www.mineralsgroup.fi). The Keliber complex, which is currently in commissioning, will comprise open-pit and underground mining, a central spodumene concentrator and a lithium hydroxide plant at tidewater in Kokkola, creating a complete hard-rock lithium supply chain in the region (source: www.sibanyestillwater.com).

On behalf of the board of directors of the Company:

Jeremy Poirier
Chief Executive Officer
Telephone: 604-722-9842

Neither 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.

Cautionary Statements Regarding Forward-Looking Information

This new release contains forward-looking information within the meaning of applicable securities legislation. Forward-looking information is typically identified by words such as: believe, expect, anticipate, intend, estimate, postulate and similar expressions, or are those, which, by their nature, refer to future events. Such statements include, without limitation, statements regarding the future results of operations, performance and achievements of the Company, including the presence of lithium mineralization at, and the exploration and development potential of, the Finland Pegmatite Project. Although the Company believes that such statements are reasonable, it can give no assurances that such expectations will prove to be correct.

All such forward-looking information is based on certain assumptions and analyses made by the Company in light of their experience and factors management believes are appropriate in the circumstances. This information, however, is subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking information. Important factors that could cause actual results to differ from this forward- looking information include the costs of any anticipated work programs and the ability to fund such costs, required approvals in connection with any work programs and the ability to obtain such approvals, risks inherent in exploration as well as those described under the heading "Risks and Uncertainties" in the Company's most recently filed MD&A.

The Company does not intend, and expressly disclaims any obligation to, update or revise the forward-looking information contained in this news release, except as required by law. Readers are cautioned not to place undue reliance on forward-looking information.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/282470

FAQ

What did Grit Metals (EUEMF) announce on February 3, 2026 about the debt settlement?

Grit Metals completed a $50,000 debt settlement by issuing 416,667 shares at $0.12 each. According to the company, the TSX Venture Exchange approved the transaction and the shares carry a four-month-and-one-day resale restriction.

How many shares did Grit Metals (EUEMF) issue to settle the $50,000 signing bonus?

Grit Metals issued 416,667 common shares to settle the $50,000 obligation. According to the company, the deemed issue price was $0.12 per share and TSXV approval was obtained for the settlement.

Who received the shares in Grit Metals' (EUEMF) debt settlement and why?

The shares were issued to Vice President, Exploration Jake Clarke to settle a signing bonus payment. According to the company, issuance satisfied the $50,000 obligation previously outstanding and was approved by the TSXV.

What resale restrictions apply to the shares issued by Grit Metals (EUEMF)?

The issued shares are restricted from resale for four months and one day following issuance. According to the company, this restriction is in accordance with TSX Venture Exchange policies governing issued securities.

What is the immediate financial impact of Grit Metals' (EUEMF) shares-for-debt transaction?

The company eliminated a $50,000 cash obligation by issuing equity, preserving cash resources. According to the company, the trade increases outstanding shares by 416,667 at a deemed $0.12 per share, implying dilution for existing holders.