Business
Grid Battery Closes Disposition with Surge Battery of its Nickel Project
(TheNewswire) Coquitlam, BC - TheNewswire - June 14, 2023- Grid Battery Met...
About this update from Grid Battery Metals Inc
[{"type":"text","content":"Grid Battery Closes Disposition with Surge Battery of its Nickel Project\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 \n \n Coquitlam, BC -\n \n \n TheNewswire\n-\n \n \n June 14, 2023-\n \n \n Grid Battery Metals Inc.\n \n \n (“formerly\n \n \n Nickel Rock Resources\nInc.”) (the “\n \n \n Company\n \n \n ” or “\n \n \n Grid\n \n \n Battery\n \n \n ”)\n \n \n (TSXV:CELL\n \n \n )\n \n \n (\n \n \n OTC:EVKRF\n \n \n )\n \n \n (\n \n \n FRA:NMK2)\n \n \n announces that, further to its news release dated April 3,\n2023, the Company has now closed the “related party” transaction\nand disposed of a 100% interest in the Nickel Project.\n \n \n \n \n \n \n As disclosed in the\nApril 3, 2023 news release the Company entered into a\n \n \n n Option Agreement with Surge Battery Metals Inc.\n(“Surge”) dated March 31, 2023 (the “Agreement”), whereby\nSurge was granted the option (the \"Option\") to acquire the\nremaining 20% interest in the HN4 and N100 Claims, located in Northern\nBritish Columbia.  Surge had previously earned an undivided 80%\ninterest in the Nickel Project.  Three\n \n \n of the\nclaims are subject to 2% NSR, including the HN4 claim and the two\nsouthernmost claims of the N100 claim group.\n \n \n \n \n \n \n As consideration for the\ntransaction, The Company has received 1,000,000 shares of\nSurge.\n \n \n \n \n \n \n Upon\n \n \n exercise of the Option\n \n \n ,\n \n \n the Company\n \n \n transferred 100% ownership\nof the Nickel Project to the Surge.\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 Option Agreement constitutes\na \"related party transaction\" due to the fact that the CFO\nis also the CFO of Surge.  The Company relied on Section 5.5(a) of MI\n61-101 for an exemption from the formal valuation requirement and\nSection 5.7(1)(a) of MI 61-101 for an exemption from the minority\nshareholder approval requirement of MI 61-101 as the fair market value\nof the Transaction did not exceed 25% of the Company's market\ncapitalization.\n \n \n \n \n About Grid Battery Metals\nInc.\n \n...