Business
Grid Metals Corp. Announces Strategic Financing
Not for distribution to United States Newswire Servicesor for dissemination in the United St...
About this update from Grid Metals Corp.
[{"type":"text","content":"Grid Metals Corp. Announces Strategic FinancingNot for distribution to United States Newswire Servicesor for dissemination in the United StatesTORONTO, ON / ACCESSWIRE / August 22, 2022 / Grid Metals Corp. (the \"Company\") (TSXV:GRDM) is pleased to announce a non-brokered private placement of securities of the Company to issue up to 56 million shares of the company and raise gross proceeds of up to C$ 8,520,000 (the \"Offering\"). The Offering will include cornerstone investments by AMCI - a globally diversified mining and investment group specializing in the natural resource industry and Primero Group - a highly specialized engineering and operations company. Churchill Strategic Investments Group Pty Ltd of Perth Australia will be an investor and will act as a finder in the private placement.\" With the electrification and decarbonization dynamic accelerating globally Grid Metals is looking to meet its capital needs by aligning with strategic investors that will assist in not only providing capital but industry expertise in the lithium and base metals sectors as well \" said Robin Dunbar President and CEO of Grid. Dave Peck P.Geo and VP Exploration added \" We are focused on advancing our lithium assets and nickel-copper PGM assets in southeastern Manitoba. In base metals we look to accelerate exploration and development of our PEA stage Makwa Mayville Project. We are also looking to begin exploration of our high potential mineral leases in northern Manitoba, where we have a camp scale Raglan Nickel Belt nickel look alike target which is drill ready and a Nova Bollinger type nickel copper PGM target where we will be completing an airborne EM survey later this fall.\"The Offering will be comprised of a combination of the following:Ordinary common shares of the Company(the \"Shares\") to be sold at a price of C$0.12 per Share; andCharitable flow-through common shares of the Company (the \"Charity Shares\") to be sold at a price of C$0.21 per Charity Share.Each Charity Share will be issued as a \"flow-through share\" within the meaning of the Income Tax Act (Canada). The exact number of Shares and Charity Shares sold will be determined prior to the closing of the Offering.Churchill Strategic Investments Group Pty Ltd (\"Churchill\") will be acting as finder in connection with the majority of the Offering and will r...