FE Battery Metals Corp. Announces Closing of Private Placement

FE Battery Metals Corp. (OTCQB:FEMFF) has closed the first tranche of its previously announced non-brokered private placement.

Rhea-AI Summary

FE Battery Metals Corp. (OTCQB:FEMFF) has closed the first tranche of its previously announced non-brokered private placement. The company has issued 8,750,000 flow-through common shares at $0.08 per share, raising gross proceeds of $700,000. FE Battery Metals will pay 6% in finders' fees, totaling $42,000. The securities issued are subject to a four-month statutory hold period. The company plans to use the proceeds for general working capital and further exploration of its properties in Quebec. The private placement's final closing is pending required approvals, including from the CSE.

Positive

• Raised $700,000 in gross proceeds through private placement
• Funds to be used for exploration efforts in Quebec properties
• Successfully closed first tranche of planned $1,000,000 private placement

Negative

• 6% finders' fees ($42,000) to be paid, reducing net proceeds
• Issuance of new shares may lead to dilution for existing shareholders

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VANCOUVER, BC / ACCESSWIRE / October 18, 2024 / FE Battery Metals Corp. (the "Company") (OTCQB:FEMFF)(WKN:A2JC89) is pleased to announce it has closed the first tranche of the non-brokered private placement previously announced on October 11, 2024, for gross proceeds of up to $1,000,000. As part of the closing the first tranche, the Company will issue 8,750,000 flow-through common shares at a price of $0.08 cents per share for gross proceeds of $700,000 and will pay 6% in finders' fees of $42,000.

Final closing of the private placement is subject to obtaining all required approvals, including from the CSE, and any other regulatory approval. All securities issued in connection with the private placement will be subject to a statutory hold period of four months plus a day from the date of issuance in accordance with applicable securities legislation.

The proceeds from the private placement will be used for general working capital and to its further exploration efforts on its properties located in Quebec.

ON BEHALF OF THE BOARD OF
FE BATTERY METALS CORP.

"Gurminder Sangha"

Gurminder Sangha
CEO & Director

For further information, please contact the Company at: info@febatterymetals.com

Neither the Canadian Securities Exchange (CSE) nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this news release and has neither approved nor disapproved the contents of this news release.

SOURCE: FE Battery Metals Corp.

View the original press release on accesswire.com

FAQ

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How much did FE Battery Metals Corp. (FEMFF) raise in its recent private placement?

FE Battery Metals Corp. (FEMFF) raised $700,000 in gross proceeds through the first tranche of its private placement by issuing 8,750,000 flow-through common shares at $0.08 per share.

What will FE Battery Metals Corp. (FEMFF) use the private placement proceeds for?

FE Battery Metals Corp. (FEMFF) will use the proceeds from the private placement for general working capital and to further its exploration efforts on its properties located in Quebec.

When did FE Battery Metals Corp. (FEMFF) announce the closing of its private placement?

FE Battery Metals Corp. (FEMFF) announced the closing of the first tranche of its private placement on October 18, 2024.

What is the hold period for securities issued in FE Battery Metals Corp.'s (FEMFF) private placement?

The securities issued in FE Battery Metals Corp.'s (FEMFF) private placement are subject to a statutory hold period of four months plus a day from the date of issuance.