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Patriot Battery Metals Announces $20 Million Flow-Through Financing
VANCOUVER, British Columbia, Sept. 15, 2022 (GLOBE NEWSWIRE) -- Highlights C$20 million raised to continue drilling at the Corvette Property, James Bay Region,
About this update from Pmet Resources Inc.
[{"type":"text","content":" VANCOUVER, British Columbia, Sept. 15, 2022 (GLOBE NEWSWIRE) -- Highlights C$20 million raised to continue drilling at the Corvette Property, James Bay Region, Quebec Financing conducted at a price of C$13.27 representing a 109% premium to PMET’s last traded share price as of Wednesday, 14 September (C$6.35) The Company will utilize these funds for a winter drill program to commence in late January 2023 Patriot Battery Metals Inc. (the “Company” or “Patriot”) (TSX-V: PMET) (OTCQB: PMETF) (FSE: R9GA) has entered into a subscription agreement with PearTree Securities Inc. for the issuance of 1,507,170 shares at a price of C$13.27 per share for aggregate gross proceeds of C$20 million (the “Offering”). The FT shares will be subject to statutory four-month resale restrictions from the completion of the Offering. The gross proceeds received by the company from the sale of the shares will be used to incur Canadian exploration expenses (CEE) (as such term is defined in the Income Tax Act (Canada)) on the company's Corvette Property in the James Bay area of Quebec, by Dec. 31, 2023 that qualify for the federal 30% Critical Mineral Exploration Tax Credit announced in the federal budget on April 7, 2022. The Company will renounce such expenditures to the subscribers effective Dec. 31, 2022. The closing of the Offering is subject to certain conditions including, but not limited to, the receipt of all necessary regulatory and other approvals. Tectonic Advisory Partners (“Tectonic”), acted as advisor to Patriot. Tectonic is a New York-based resource focused boutique banking group. Tectonic securities transactions are executed through Ecoban Securities Corporation. This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available. About Patriot Battery Metals Inc. Patriot Battery Metals Inc. is a mineral exploration company focused on the acquisition and development of mineral properties containi...