VANCOUVER, British Columbia, March 21, 2022 (GLOBE NEWSWIRE) -- Patriot Battery Metals Inc. (the "Company" or "Patriot") (CSE: PMET) (OTCQB: PMETF) (FSE: R9GA) has completed a private placement of 6,000,000 units at a price of C$0.50 per unit for aggregate gross proceeds of C$3,000,000 (the "Offering"). Each unit is comprised of one common share and one transferable common share purchase warrant exercisable for three years at a price of $0.75 (collectively, the "Units"). In addition to statutory four-month resale restrictions, the Units are subject to a contractual restriction on resale expiring 12 months from the completion of the Offering.
Blair Way, Company President and Director, comments: "The closing of this financing secures our 100% owned Corvette property with over 200 square kilometers and more than a 50 km strike length over this new and emerging lithium pegmatite district, discovered by the Company in 2017. With a 20,000 m drill program currently underway, the Company is positioned for a transformational year."
The gross proceeds received by the Company from the sale of the Units will be used towards the acquisition of the properties set out in the February 15, 2022 news release.
In connection with the Offering, the Company issued a commission of (i) 240,000 common shares in the capital of the Company, representing 4% of the aggregate gross proceeds of the Offering settled in shares of the Company at a price of $0.50 per share; and (ii) 720,000 broker warrants, each such warrant entitling the holder to obtain a unit of the Company (a "Broker Unit") at a price of $0.50 per Broker Unit for a period of 24 months from the closing of the Offering. Each Broker Unit consists of one common share in the capital of the Company and one common share purchase warrant exercisable for two years from the date of issuance at an exercise price of $0.75.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
About Patriot Battery Metals Inc.
Patriot Battery Metals Inc. is a mineral exploration company focused on the acquisition and development of mineral projects containing battery, base and precious metals.
The Company's flagship asset is the Corvette Property, which includes the wholly owned Corvette, FCI East, FCI West, Deca-Goose, Felix, and Corvette East claim blocks, located in the James Bay Region of Québec. The claim blocks are contiguous, and host significant lithium potential highlighted by the CV5-6 spodumene pegmatite with drill intercepts of 0.94% Li2O and 117 ppm Ta2O5 over 155.1 m (CF21-002), and 1.25% Li2O and 194 ppm Ta2O5 over 58.1 m at (CF21-003). Additionally, the Property hosts the Golden Gap Trend with grab samples of 3.1 to 108.9 g/t Au from outcrop and 10.5 g/t Au over 7 m in drill hole, and the Maven Trend with 8.15% Cu, 1.33 g/t Au, and 171 g/t Ag in outcrop.
The Company also holds 100% ownership of the Freeman Creek Property in Idaho, USA which hosts two prospective gold prospects - the Gold Dyke Prospect with a 2020 drill hole intersection of 4.11 g/t Au and 33.0 g/t Ag over 12 m, and the Carmen Creek Prospect with surface sample results including 25.5 g/t Au, 159 g/t Ag, and 9.75% Cu.
The Company's other assets include the Pontax Lithium-Gold Property, QC; the Golden Silica Property, BC; and the Hidden Lake Lithium Property, NWT, where the Company maintains a 40% interest, as well as several other assets in Canada.
In addition, the Company holds the Pontax Lithium-Gold Property, QC; the Golden Silica Property, BC; and the Hidden Lake Lithium Property, NWT, where the Company maintains a 40% interest, as well as several other assets in Canada.
On Behalf of the Board of Directors,
|"BLAIR WAY"||"ADRIAN LAMOUREUX"|
|Blair Way, President & Director||Adrian Lamoureux, CEO & Director|
Disclaimer for Forward-Looking Information
Statements included in this announcement, including statements concerning our plans, intentions, and expectations, which are not historical in nature are intended to be, and are hereby identified as, "forward-looking statements". Forward-looking statements may be identified by words including "anticipates", "believes", "intends", "estimates", "expects" and similar expressions. The Company cautions readers that forward-looking statements, including without limitation those relating to the Company's future operations and business prospects, are subject to certain risks and uncertainties that could cause actual results to differ materially from those indicated in the forward-looking statements.
The Canadian Securities Exchange has not approved nor disapproved the contents of this news release
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