Grid Metals Announces TSX Venture Approval for Falcon West Cesium Project Joint Venture
Rhea-AI Summary
Grid Metals (OTCQB:MSMGF, TSXV:GRDM) received conditional TSX Venture Exchange approval for its joint venture with Avenir Minerals, a wholly owned subsidiary of Agnico Eagle Mines, on the Falcon West Cesium Property in southeastern Manitoba.
Under the JV Agreement, Avenir acquired an initial 15% interest in the property and joint venture for C$3,750,000 in cash, and will fund its pro rata share of future costs. Grid retains an 85% interest and will operate the joint venture. Avenir holds about 9.9% of Grid’s common shares and has an option to subscribe for up to 19.99% of Grid’s issued and outstanding common shares after publication of a NI 43-101 compliant mineral resource estimate on the property.
Avenir also holds an option to acquire an additional 15% property interest, for a total of 30%, upon completion of a preliminary economic assessment or adoption of a mine plan for Falcon West Cesium.
Positive
- C$3,750,000 cash received for 15% Falcon West interest
- Grid retains 85% initial interest and operatorship of JV
- JV partner is Avenir Minerals, a subsidiary of Agnico Eagle Mines
- Avenir currently owns about 9.9% of Grid’s common shares
- TSX Venture Exchange grants conditional approval for the JV
- Avenir option to increase property stake up to 30% tied to project milestones
Negative
- Avenir may raise Grid share ownership to 19.99%, implying potential future dilution
- Grid’s Falcon West interest could fall from 85% to 70% if Avenir exercises its option
AI-generated analysis. How Rhea-AI works. Not financial advice.
TORONTO, ON / ACCESS Newswire / July 31, 2026 / Grid Metals Corp. (TSXV:GRDM)(OTCQB:MSMGF) ("Grid" or the "Company") is pleased to announce it has received conditional approval from the TSX Venture Exchange ("TSXV") for its previously announced transaction with Avenir Minerals Limited ("Avenir"), a wholly-owned subsidiary of Agnico Eagle Mines Limited, for a joint venture on the Company's Falcon West Cesium Property (the "Property") located in southeastern Manitoba, Canada as announced by the Company on July 20, 2026.
Under the joint venture agreement (the "JV Agreement") between the Company and Avenir, Avenir has acquired an initial
Avenir has been granted the option to subscribe for up to
Avenir will have an option to acquire an additional
On Behalf of the Board of Grid Metals Corp.
For more information about the Company, please visit our website at www.gridmetalscorp.com
or the Company's Curation Connect showcase here or contact:
Robin Dunbar - President, CEO & Director - rd@gridmetalscorp.com, +1 (416) 955-4773
Brandon Smith - Chief Development Officer - bsmith@gridmetalscorp.com
David Black - Investor Relations - info@gridmetalscorp.com
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
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 include the potential for Avenir to acquire a greater ownership stake in Grid's issued and outstanding common shares or the Property pursuant to the terms of the JV Agreement. Uncertainties and other factors 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 the Company and Avenir's ability to meet their respective obligations under the JV Agreement, the results of exploration to be undertaken pursuant to the JV Agreement, whether Avenir exercises its equity option or increased Property ownership option under the JV Agreement, whether either party's interest in the joint venture is diluted such that it is converted to a net smelter return royalty, the parties' ability to fund their respective pro rata share of joint venture costs, 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, global demand for cesium and other critical minerals, 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 filed with the Canadian Securities Administrators and available at www.sedarplus.ca.
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.
SOURCE: Grid Metals Corp.
View the original press release on ACCESS Newswire