Global Battery upsizes non-brokered financing to $765,000

Global Battery Metals Ltd., an international critical mineral exploration and development company focused on growth-oriented battery metal projects, has announced an increase to its previously announced $500,000 non-brokered private placement financing (the “Private Placement“) initially announced on July 14, 2022.

The Company has increased the size of the Private Placement due to significant demand and intends to raise up to $765,000 through the issuance of up to 7,650,000 units of the Company (the “Units“) at a price of $0.10 per Unit.

Each Unit shall consist of one common share in the capital of the Company (“Share“) and one Share purchase warrant, whereby each Warrant shall be exercisable by the warrant holder to acquire one additional Share at a price of $0.14 for a period of twenty-four (24) months from the date of issuance (the “Closing Date“) provided that, if the closing price of the Shares is greater than $0.30 for ten (10) consecutive trading days, the Warrants will expire thirty (30) days after the date on which the Company provides notice of such fact to the holders thereof.

The proceeds from the Upsized Private Placement will be used by the Company primarily for working capital. The Upsized Private Placement is expected to close in mid-August 2022.

In consideration of the introduction to the Company of investors in the financing, finder’s fee may be paid in cash or in securities of the Company in accordance with applicable securities laws and TSX Venture Exchange policies. Closing of the Upsized Private Placement will be subject to receipt of all necessary regulatory approvals, including acceptance by the Exchange.

It remains anticipated that insiders of the Company may participate in the Offering. Any such participation will constitute a related party transaction as defined under Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101“). The Company intends to rely on the exemption from the formal valuation requirements of Section 5.4 of MI 61-101 pursuant to Subsection 5.5(a) of MI 61-101 and the exemption from the minority approval requirements of Section 5.6 of MI 61-101 pursuant to Subsection 5.7(1)(a) of MI 61-101.

The securities issued in connection with the Upsized Private Placement will be subject to a statutory four-month hold period under applicable Canadian securities laws commencing on the Closing Date.

Previous articleVolvo Group initiates cell production plant in Sweden
Next articleTesla’s battery deals highlight chinese dominance of key materials for electric vehicles