Global Battery Metals Ltd., an international critical mineral exploration and development company focused on growth-oriented battery metal projects, has announced that the Company has elected to exercise its first option (“First Option“) with respect to the North-West Leinster Lithium Property (the “Property” or the “Project“) in accordance with the amended and restated letter of intent effected August 15, 2022, between the Company and LRH Resources Ltd., an arm’s-length private exploration company and wholly-owned subsidiary of Technology Minerals Plc, a UK listed company.
The Property, located in the counties of Wicklow and Dublin, in the Republic of Ireland, is a lithium pegmatite project that consists of 16 prospecting licence areas, covering approximately 526 km².
Following this First Option exercise, GBML will continue to have the right to exercise two further options to acquire up to a further (a) 37.5% interest for a cumulative 55% interest in the Project, and (b) 35% interest for a cumulative 90% interest in total in the Project by fulfilling the requirements of the Second Option and Third Option, respectively
The Company also announces that it has granted stock options to certain directors, officers, employees, and consultants of the Company to acquire an aggregate of 2,300,000 common shares in the capital of the Company at an exercise price of $0.12 (the “Stock Options“), pursuant to the Company’s stock option plan.
The Stock Options are fully vested and exercisable for a five-year term expiring September 14, 2027.