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Grid Battery Metals and AC/DC Battery Metals Announces Update of Listing of AC/DC Shares on the TSXV and Financing Details
COQUITLAM, BC / ACCESSWIRE / June 17, 2024 / Grid Battery Metals Inc. ("Grid") ( TSXV:CELL )( ...
About this update from Grid Battery Metals Inc
[{"type":"text","content":"Grid Battery Metals and AC/DC Battery Metals Announces Update of Listing of AC/DC Shares on the TSXV and Financing DetailsCOQUITLAM, BC / ACCESSWIRE / June 17, 2024 / Grid Battery Metals Inc. (\"Grid\") (TSXV:CELL)(OTCQB:EVKRF)(FRA:NMK2) and AC/DC Battery Metals Inc. (the \"Company\" or \"AC/DC\") (TSXV: ACDC) are pleased to announce that the Company has received conditional approval for the Listing of AC/DC Shares on the TSX Venture Exchange (\"Exchange\"). Pending final approval, the Company will be listed as a Tier 2 issuer on the Exchange which shares will trade under the symbol \"ACDC\". The Company plans to announce the details of the initial trading date of AC/DC shares in the coming days.The Company has also received conditional Exchange approval and Shareholder approval for its non-brokered private placement offering of 40,000,000 units (\"Units\") at a price of CAD$0.05 per Unit for gross proceeds of CAD$2,000,000.Each Unit is comprised of one common share and one share purchase warrant (\"Warrant\"). Each Warrant will entitle the holder thereof to purchase one additional commonshare of the Company at an exercise price of CAD$0.06 per share for a period of five years from closing, subject to final Exchange\" approval.The Company will also pay finder fees in the amount of $25,500 cash, 2,471,000 shares and 1,020,000 broker warrants in connection with the private placement. The finder fees are subject to Exchange approval.All securities issued in connection with the private placement are subject to a four-month and a day hold period in accordance with applicable Canadian Securities Laws.The proceeds of the Private Placement will be used for exploration and development and for general working capital purposes.Insiders of the Company purchased a total of 3,000,000 Units under the Private Placement, which is considered a related party transaction within the meaning of Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions (\"MI 61-101\"). The Company relied on the exemptions from the valuation and minority shareholder approval requirements of MI 61-101 contained in Sections 5.5(a) and 5.7(a), respectively, of MI 61-101 in respect of such insider participation. No new insiders and no control persons were created in connection with the private placement.About AC/DC Battery Metals Inc.Ni...