Grid Battery Metals Comments on Recent Promotional Activity Pursuant to OTC Markets Request
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Coquitlam, BC – TheNewswire – April 29, 2024- Grid Battery Metals Inc. (the “Company” or “Grid”) (TSXV: CELL, OTCQB: EVKRF FRA: NMK2) has received a request by the OTC Markets Group to comment on recent promotional activity related to Grid’s common shares traded on the OTC Markets.
The Company recently re-engaged marketing and media Company, TD Media LLC dba Life Water Media (“TD Media”)on April 10, the date the TSX Venture Exchange (“Exchange”) approved the contract for a term of 3 months for a fee of US$150,000 to provide marketing services and increase awareness of the Company based on previously filed and publicly disclosed press release and corporate information that was provided to TD Media. The Company has recently closed a Plan of Arrangement on April 26, 2024 and has disseminated various news releases announcing the Plan of Arrangement and on April 18, 2024 Grid announced the distribution record date of April 25, 2024 whereby Grid shareholders who owned shares at this date would receive 0.05 AC/DC Battery Meals Inc. shares on April 26, 2024.
The promotional materials received by the OTC appear to provide an overview of the Company’s business. The promotional materials are based upon information made available by the Company, including the Company’s news releases and investor presentations. The Company does not believe that the promotional materials have had an effect on the trading activity in the Company’s common shares. The Company had control over all TD Media information and subcontractor information. The Company has reviewed the promotional materials and while it does consider the materials to be speculative it does not consider the statements made in the promotional materials to be materially false or misleading. In all cases, the material points the reviewer to the Company’s website and landing page which have been vetted by the Company and appropriately referenced when containing third party information. Disclaimers are present to make sure the reviewer contacts their professional advisor.
Upon inquiry of Company management, and as confirmed by individual insider filings made on www.sedi.ca, none of the Company’s officers, directors or greater than 10% shareholders, or any third-party service providers, have (i) directly or indirectly been involved in the creation of, distribution of, or payment for promotional materials related to the Company or its common shares or (ii) sold or purchased any of the Company’s securities in the past 90 days. As noted below the Company has retained TD Media and Triomphe Holdings dba Capital Analytica (“Triomphe”) to provide investor relations, social media and marketing services to the Company, and have current Personal Information Forms (Form 2A/ Form 2C1) both approved and on file at the TSX Venture Exchange as per TSXV Policy 3.4 (Investor Relations, Promotional and Market-Making Activities).
Over the last year, the Company has engaged two third-party providers for investor relations, public relations, marketing, advertising and other related activities: TDC Media and Triomphe engagement started on April 15, 2024, the date of Exchange approval.
Since 2022, the Company has completed private placements through the facilities of the Exchange whereby the Company has issued the following shares and warrants. The shares were issued at discount to market allowable pursuant to private placement pricing policies of the Exchange and all securities issued were restricted and subject to statutory hold periods. The warrant exercise prices were at market price the time of issuance and as such were not discounted:
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February 2, 2023 – 35,000,000 shares at $0.05 and 35,000,000 warrants exercisable at $0.065 for two years.
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June 8, 2023 – 60,000,000 shares at $0.05 and 60,000,000 warrants exercisable at $0.055
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September 6, 2023 – 4,000,000 shares at $0.12 and 4,000,000 warrants exercisable at $0.155 for five years two years.
About Grid Battery Metals Inc.
Grid Battery Metals Inc. is a Canadian based exploration company whose primary listing is on the TSX Venture Exchange. The Company’s maintains a focus on exploration for high value battery metals required for the electric vehicle (EV) market.
The Company owns a 100% interest in the Texas Spring Property which consists of mineral lode claims located in Elko County, Nevada. The Property is in the Granite Range southeast of Jackpot, Nevada, about 73 km north-northeast of Wells, Nevada. The target is a lithium clay deposit in volcanic tuff and tuffaceous sediments of the Humbolt Formation. A Phase 1 exploration program at the Texas Springs Property (Fall 2023) yielded results with average lithium grades of 2010 ppm, applying a 1,000 ppm cut-off, and up to 5,610 ppm Lithium.
The Texas Spring property adjoins the southern border of the Nevada North Lithium Project – owned by Surge Battery Metals Inc. (“Surge”) (TSXV: NILI, OTC: NILIF) and comprised of 725 mineral claims. Surge’s first round of drilling identified strongly mineralized lithium bearing clays. The average lithium content within all near surface clay zones intersected in the 2022 drilling program, applying a 1000 ppm cut-off, was 3254 ppm. (Press release March 29, 2023). More recent results have shown higher grade lithium up to 8070 ppm on this property after initial drilling (Press release September 12, 2023). Our exploration results are on-trend with these results.
About Clayton Valley Lithium Project
The Company owns a 100% interest in 113 lithium lode and placer claims covering over 640 hectares in Clayton Valley. Clayton Valley is a down-dropped closed basin formed by the Miocene age Great Basin extension and is still active due to movement along the Walker Lane structural zone. As a result, the basin has preserved multiple layers of lithium bearing volcanic ash, resulting from multiple eruptive events over the past 6 million years including eruptions from the 700,000-year-old Long Valley Caldera system and related events. These ash layers are thought to contribute to the lithium brines extracted by Albemarle and are also likely involved in the formation of the exposed lithium rich clay deposits on the east side of Clayton Valley.
The Company owns a 100% interest in 80 placer claims covering approximately 635 hectares of alluvial sediments and clays located 122 km northeast of Tonopah, Nevada.
On Behalf of the Board of Directors
“Tim Fernback”
Tim Fernback, President & CEO
Contact Information:
Email: [email protected]
Phone: 604- 428-5690
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This news release may contain forward-looking statements which include, but are not limited to, comments that involve future events and conditions, which are subject to various risks and uncertainties. Except for statements of historical facts, comments that address resource potential, upcoming work programs, geological interpretations, receipt and security of mineral property titles, availability of funds, and others are forward-looking. Forward-looking statements are not guarantees of future performance and actual results may vary materially from those statements. General business conditions are factors that could cause actual results to vary materially from forward-looking statements.
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