Business
AC/DC Battery Enters Into Purchase and Sale Agreement
(TheNewswire) Coquitlam, BC – August 29, 2024 – TheNewswire – ...
About this update from Ac/dc Battery Metals, Inc.
[{"type":"text","content":"AC/DC Battery Enters Into Purchase and Sale Agreement\n\n\n (TheNewswire)\n \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n Coquitlam, BC – August 29, 2024 –\n \n\n TheNewswire –\n \n\n AC/DC Battery Metals\nInc. (the “Company” or “AC/DC”)\n \n\n (TSXV:\nACDC)\n \n\n (OTC: ACDBF)\n \n\n announces that the\n \n\n Company has entered\ninto a Purchase and Sale Agreement\n \n\n dated August\n26, 2024 (the “Agreement”), with Grid Battery Metals Inc.\n(“Grid”), whereby Grid will acquire a 100% interest in\n \n\n 17 mineral claims comprising 27,525.24 hectares\nlocated in North Central British Columbia from the\nCompany.\n \n\n The Transaction is a “related\nparty” transaction and is subject to TSX Venture Exchange\n(“Exchange”) approval.\n \n\n\n\n To complete the Transaction, Grid will make a cash\npayment of $48,172.15 for reimbursement of staking costs and issue\n5,000,000 shares of Grid at a deemed value of $0.05 per share to the\nCompany upon Exchange approval of the Transaction.\n \n\n\n\n\n\n Pursuant to TSXV Policy\n5.9 and Multilateral Instrument 61-101 --\n \n\n Protection of Minority Security Holders in\nSpecial Transactions\n \n\n (\"\n \n\n MI 61-101\n \n\n \"), the\nAgreement constitutes a \"related party transaction\" due to\nthe fact that there are common officers and directors of the Company\nand AC/DC.  The Company relied on Section 5.5(a) of MI 61-101 for an\nexemption from the formal valuation requirement and Section 5.7(1)(a)\nof MI 61-101 for an exemption from the minority shareholder approval\nrequirement of MI 61-101 as the fair market value of the transaction\ndid not exceed 25% of the Company's market capitalization.\n \n\n No new insiders will be created, nor will any\nchange of control occur, as a result of the Transaction\n \n\n .\n \n\n\n\n Qualified Person\n \n\n\n\n\n\n Jeremy Hanson, P.Geo.,\nan independent qualified person as defined under National Instrument\n43-101 has reviewed and approved the technical content in this news\nrelease.\n \n\n\n\n About AC/DC Battery Metals\nInc.\n \n\n\n\n\n\n Nickel\nProject, British Columbia\n \n\n\n\n\n\n The Mount Sidney\nWilliams Group consists of three claim blocks with a total area of\n10,569 hectares in the area surrounding Mount Sidney Williams, both\nadjoining and...