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Patriot Battery Metals Announces C$109 Million Strategic Investment and Memorandum of Understanding with Albemarle Corporation
VANCOUVER, British Columbia and SYDNEY, Australia, July 31, 2023 (GLOBE NEWSWIRE) -- Patriot Battery Metals Inc. (the “Company” or “Patriot”) (TSX.V: PMET | ASX
About this update from Pmet Resources Inc.
[{"type":"text","content":" VANCOUVER, British Columbia and SYDNEY, Australia, July 31, 2023 (GLOBE NEWSWIRE) -- Patriot Battery Metals Inc. (the “Company” or “Patriot”) (TSX.V: PMET | ASX: PMT | OTCQX: PMETF | FSE: R9GA) is pleased to announce that it has entered into a subscription agreement with respect to a private placement of approximately C$109 million (the “Strategic Investment”) in Patriot by Albemarle Corporation (“Albemarle”) (NYSE: ALB). Albemarle will subscribe for an aggregate of 7,128,341 common shares of the Company (the “Common Shares”) at a price of C$15.29 per Common Share, representing a 7% premium to the closing price of the Common Shares on the TSX Venture Exchange (the \"TSXV”) on July 31, 2023, and a 10% premium to the 10-day volume weighted average trading price of the Common Shares on the TSXV for the period ending July 31, 2023, the last trading day prior to the announcement of the Strategic Investment. Upon closing of the Strategic Investment, Albemarle will own approximately 4.9% of Patriot’s issued and outstanding Common Shares on a fully-diluted in-the-money basis, or 6.4% on a non-diluted, issued and outstanding basis. The proceeds from the Strategic Investment will be used to accelerate the development activities at the Company’s Corvette Lithium Project (the “Property”) and for general corporate purposes. Blair Way, Company President and CEO, commented: “We could not be more pleased to have welcomed Albemarle to invest in Patriot. I believe both Patriot and Albemarle can be a big part of building out the required front-end to the lithium chemicals supply chain in North America and Europe over the coming years. The additional funding will allow us to more aggressively advance the Corvette Property through drilling, permitting, study work and more.” Alexander Thompson, VP Lithium Resources at Albemarle, commented: “We look forward to collaborating with Patriot to better understand the Corvette property and the opportunities this project represents for the North American battery materials supply chain.” Investor Rights At the closing of the Strategic Investment, Patriot and Albemarle will enter into an investor rights agreement (the “Investor Rights Agreement”) for a twelve-month term whereby, subject to certain conditions, Albemarle will have the right to receive notices regarding participation in future equ...