Grid Battery Closes Acquisition of Copper Property with AC/DC Battery Metals Inc
Rhea-AI Summary
Grid Battery Metals Inc (TSXV:CELL, OTCQB:EVKRF) has completed the acquisition of a copper property from AC/DC Battery Metals Inc. The transaction involves 17 copper mineral claims covering 27,525.24 hectares in North Central British Columbia, a region known for its operating mines and strong infrastructure.
Under the agreement dated August 26, 2024, Grid Battery issued 5,000,000 common shares at $0.05 per share to AC/DC and paid $48,172.15 in staking costs. The issued securities have a hold period until July 18, 2025. The transaction was classified as a 'related party transaction' due to common officers and directors between the companies.
The company has filed a NI 43-101 Technical Report for the BC Copper Gold Project on SEDAR+, prepared by Jeremy Hanson, P.Geo., who serves as the qualified person for the project.
Positive
- Acquisition of 100% interest in substantial copper claims (27,525.24 hectares)
- Property located in established mining region with existing infrastructure
- No change in control or creation of new insiders from the transaction
- Technical report completed and filed on SEDAR+
Negative
- Share dilution through issuance of 5 million new shares
- Related party transaction raises potential conflict of interest concerns
News Market Reaction
On the day this news was published, EVKRF declined 10.34%, reflecting a significant negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
COQUITLAM, BC / ACCESS Newswire / March 17, 2025 / Grid Battery Metals Inc. (the "Company" or "Grid Battery") (TSXV:CELL)(OTCQB:EVKRF)(FRA:NMK2) announces that further to its news release dated August 29, 2024, and the TSX Venture Exchange's ("Exchange") conditional acceptance letter dated October 9, 2024, the Company has now closed the "related party" transaction subject to final Exchange approval.
The Company entered into a Purchase and Sale Agreement dated August 26, 2024 (the "Agreement"), with AC/DC Battery Metals Inc. ("AC/DC"), whereby the Company has acquired a
Terms of the Transaction:
Pursuant to the terms of the Agreement, the Company issued 5,000,000 common shares at a deemed value of
All securities issued in connection with the Transaction are subject to a four month and a day hold period expiring on July 18, 2025, in accordance with Canadian Securities Laws.
Pursuant to TSXV Policy 5.9 and Multilateral Instrument 61-101 -- Protection of Minority Security Holders in Special Transactions ("MI 61-101"), the Agreement constitutes a "related party transaction" due to the fact that there are common officers and directors of the Company and AC/DC. The Company relied on Section 5.5(a) of MI 61-101 for an exemption from the formal valuation requirement and Section 5.7(1)(a) of MI 61-101 for an exemption from the minority shareholder approval requirement of MI 61-101 as the fair market value of the transaction did not exceed
Tim Fernback, President and CEO States "It has taken a while to get this Transaction approved but it is for the ultimate benefit of the shareholders. Now we can begin the next exploration steps as outlined in our NI 43-101 Technical Report."
NI 43-101 - Technical Report:
In connection with the closing of the Transaction the Company has filed on SEDAR+ at www.sedarplus.ca a NI 43-101 Technical Report for Grid's BC Copper Gold Project, dated January 24, 2025, prepared by Jeremy Hanson. The Report can also be viewed on the Company's website at Grid Copper Project Technical Report.
Qualified Person
Jeremy Hanson, P.Geo., an independent qualified person as defined under National Instrument 43-101 has reviewed and approved the technical content in this news release.
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 the British Columbia Copper Property
"We're excited that we have acquired approximately 275 km2 of tenures in such a favourable mining region within BC." commented Tim Fernback, President and CEO. "This area of the Province has already generated several promising projects, and our land package is strategically situated to exploit the high copper-gold values of the region. NorthWest Copper Corp. (TSXV:NWST) on the nearby Kwanika project intercepted 400 metres of
B.C. Minfile assessment report data indicates that most of the area covered by the Copper Property was at one time or another covered by staking during surges of exploration in B.C. dating from the 1940's to present day. Largely the claims appear to have been minimally explored with little follow-up. However, some work was recorded on several claims with results for stream sediment sampling showing anomalous to highly anomalous results for gold in a few areas. These areas were recommended for detailed follow-up, however due to a downturn no further work was recorded
Prominent among early discoveries in the Omineca region were the nearby Lustdust/Stardust property (a property developed by Lorraine Copper that was sold to Sun Metals Corp. which eventually merged with Serengeti Resources to become NorthWest Copper Corp.) covering a large, coherent integrated porphyry-skarn, epithermal system; the Kwanika property (a Serengeti/POSCO Daewoo property also became a NorthWest Copper Corp. property upon the merger with Serengeti Resources) a promising advanced stage copper-gold project; the Lorraine property (originally discovered by Lorraine Copper and now a NorthWest Copper Corp. property)an alkalic copper-gold porphyryr. The tenures are located between the Kemess North project being developed by Centerra Gold Inc. (TSX:CG, NYSE:CGAU) and its operating Mt Milligan mine, which is reported to contain 1.8 million ounces of gold and 742 million pounds of copper (Technical Report on the Mount Milligan Mine, November 7, 2022, Borntrager. B, et al.)
The Omineca Group claim areas are within the northern Quesnel Trough underlain by Cache Creek Terrane and lies close to the Pinchi Fault. The Quesnel Trough hosts numerous porphyry copper-gold deposits. The Pinchi Fault can be traced for 600 km through north-central B.C and separates Cache Creek rocks from the Jurassic Hogem Batholith and Triassic-Jurassic Takla rocks to the west. Rocks have a north-northwest strike trend typical of the entire Intermontane Belt in which the Cache Creek Terrane lies (Gabrielse and Yorath, 1992). A wide range of Jurassic to Tertiary intrusions cuts the Cache Creek Assemblage and many of these are emplaced along the prominent NW-trending structures and stratigraphic breaks. Numerous mercury occurrences are present along the length of the Pinchi fault (Albino, 1987) and a few gold and base metal occurrences are present near the Pinchi fault including the Lustdust, Lorraine, Indata and Axelgold properties. There are at least two alkalic gold-copper Porphyry systems in the immediate Lustdust (now known as Stardust) area: J49 and Axel Properties (Schiarrizza, 2000).
About Texas Springs Property
The Company owns a
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
About the Volt Canyon Lithium Property
The Company owns a
On Behalf of the Board of Directors
"Tim Fernback"
Tim Fernback, President & CEO
Contact Information:
Email: info@gridbatterymetals.com
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).
SOURCE: Grid Battery Metals Inc.
View the original press release on ACCESS Newswire
FAQ
What are the key terms of Grid Battery's copper property acquisition from AC/DC Battery Metals?
When will the securities issued in Grid Battery's EVKRF copper acquisition be free to trade?
What is the location and size of Grid Battery's newly acquired copper property?
Why was Grid Battery's EVKRF copper acquisition considered a related party transaction?
