VANCOUVER, British Columbia, Nov. 09, 2022 (GLOBE NEWSWIRE) --
Patriot Battery Metals Inc. (the “Company” or “Patriot”) (TSX-V: PMET) (OTCQB: PMETF) (FSE: R9GA)
is pleased to provide an update in relation to the Company’s planned ASX listing.
-
The Company has lodged a prospectus today in Australia (November 9, 2022) to raise AUD $4.2m (the “
Offering
”) to support an application to list on the ASX. The Offering is scheduled to formally open on November 16, 2023 and is expected to close on November 21, 2022. The Offering will comprise the issuance of 7,000,000 Australian CHESS Depositary Interests (“
CDI
”) at a price per CDI of A$0.60, with each CDI eligible for conversion to common shares on a 10:1 basis, resulting in an issue price per underlying common share of A$6.00. The Joint Lead Managers and Bookrunners have received firm commitments from eligible investors for the full amount of the Offering and have advised the Company that they believe the ASX spread requirements will be satisfied. As a result, the Offering will not be open to the general public. The company expects to provide a further update on the ASX listing progress in late November
- Due to conflicts with the ASX listing, the Board of Directors have elected to defer the AGM scheduled for November 21, 2022 to February 14, 2023. New mail outs will be sent for the AGM.
About Patriot Battery Metals Inc.
Patriot Battery Metals Inc. is a mineral exploration company focused on the acquisition and development of mineral properties containing battery, base, and precious metals.
The Company’s flagship asset is the 100% owned Corvette Property, located proximal to the Trans-Taiga Road and powerline infrastructural corridor in the James Bay Region of Québec. The land package hosts significant lithium potential highlighted by the 2.2 km long CV5 spodumene pegmatite with drill intercepts of 1.65% Li2O and 193 ppm Ta2O5 over 159.7 m (CV22-042), and 2.22% Li2O and 147 ppm Ta2O5 over 70.1 m, including 3.01% Li2O and 160 ppm Ta2O5 over 40.7 m (CV22-017). 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 Gold 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; and the Hidden Lake Lithium Property, NWT, where the Company maintains a 40% interest, as well as several other assets in Canada.
For further information, please contact us at info@patriotbatterymetals.com
Tel: +1 (604) 279-8709 , or visit www.patriotbatterymetals.com.
On Behalf of the Board of Directors,
“ BLAIR WAY ”
Blair Way, President, CEO, & Director
Disclaimer for Forward-Looking Information
This news release contains forward-looking statements and other statements that are not historical facts. Forward-looking statements are often identified by terms such as “will”, “may”, “should”, “anticipate”, “expects” and similar expressions. All statements other than statements of historical fact, included in this news release are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company’s expectations include the results of further exploration and testing, and other risks detailed from time to time in the filings made by the Company with securities regulators, available at www.sedar.com. The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company. The reader is cautioned not to place undue reliance on any forward-looking information. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The forward-looking statements contained in this news release are made as of the date of this news release and the Company will update or revise publicly any of the included forward-looking statements as expressly required by applicable law.
No securities regulatory authority or stock exchange has reviewed nor accepts responsibility for the adequacy or accuracy of the content of this news release.
