Business
Grid Battery Closes Acquisition of Copper Property with AC/DC Battery Metals Inc.
(TheNewswire) Coquitlam, BC – TheNewswire - March 17, 2025 - Grid Battery Me...
About this update from Grid Battery Metals Inc
[{"type":"text","content":"Grid Battery Closes Acquisition of Copper Property with AC/DC Battery Metals Inc.\n\n\n (TheNewswire)\n \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n Coquitlam, BC –\n \n\n TheNewswire -\n \n\n March 17, 2025 - Grid Battery Metals\nInc.\n \n\n (the “Company” or “Grid\nBattery”) (TSXV: CELL, OTCQB: EVKRF FRA: NMK2) announces that\nfurther to its news release dated August 29, 2024, and the TSX Venture\nExchange’s (“Exchange”) conditional acceptance letter dated\nOctober 9, 2024, the Company has now closed the “related party”\ntransaction subject to final Exchange approval.\n \n\n\n\n The Company entered into a Purchase and Sale Agreement\ndated August 26, 2024 (the “Agreement”), with AC/DC Battery Metals\nInc. (“AC/DC”), whereby the Company has acquired a 100% interest\nin\n \n\n 17 copper mineral claims comprising 27,525.24\nhectares located in North Central British Columbia.\n \n\n The region is host to numerous operating mines, good\ninfrastructure including experienced exploration and supporting\nservices\n \n\n (the “Transaction”).\n \n\n\n\n Terms of the Transaction:\n \n\n\n\n Pursuant to the terms of the Agreement, the Company\nissued 5,000,000 common shares at a deemed value of $0.05 per share to\nAC/DC upon Closing.  The Company also paid AC/DC $48,172.15 in\nstaking costs.\n \n\n\n\n All securities issued in connection with the\nTransaction are subject to a four month and a day hold period expiring\non July 18, 2025, in accordance with Canadian Securities Laws.\n \n\n\n\n\n\n Pursuant to TSXV Policy\n5.9 and Multilateral Instrument 61-101 --\n \n\n\n Protection of Minority\nSecurity Holders in Special Transactions\n \n\n\n (\"\n \n\n MI\n61-101\n \n\n \"), the Agreement constitutes a\n\"related party transaction\" due to the fact that there are\ncommon officers and directors of the Company and AC/DC.  The Company\nrelied on Section 5.5(a) of MI 61-101 for an exemption from the formal\nvaluation requirement and Section 5.7(1)(a) of MI 61-101 for an\nexemption from the minority shareholder approval requirement of MI\n61-101 as the fair market value of the transaction did not exceed 25%\nof the Company's market capitalization.\n \n\n No new\ninsiders will be created, nor will any c...