/NOT FOR RELEASE TO U.S. NEWS WIRE
SERVICES OR DISTRIBUTION IN THE
UNITED STATES/
VANCOUVER, BC, May 30, 2024
/CNW/ - May 31, 2024 –
Sydney, Australia
Highlights:
- Patriot is pleased to announce it has successfully
completed the Flow-Through Offering at a price of C$14.54 per share to institutional, professional
and sophisticated investors for gross proceeds of approximately
C$75M.
- Proceeds raised from the sale of the Flow-Through Shares
will be used to fund exploration on the Company's Corvette
Property.
- The capital raising was significantly oversubscribed with
strong support from existing and new shareholders.
- Settlement on the ASX is anticipated to occur on
June 4, 2024 (Sydney, Australia time) at which time
4,607,147 of the Flow-Through Shares will have been converted to
46,071,470 Chess Depositary Interests ("CDIs") which will trade on
the ASX.
Patriot Battery Metals Inc. (the "Company" or "Patriot")
(TSX: PMET) (ASX: PMT) (OTCQX: PMETF) (FSE: R9GA) is pleased to
advise that, further to its news release issued on May 21, 2024 (Vancouver, BC, Canada) / May 22,
2024 (Sydney, Australia),
it has successfully completed the Flow-Through Offering of
5,159,959 Flow-Through Shares in the capital of the Company at a
price of C$14.54 per share to
institutional, professional and sophisticated investors for gross
proceeds of approximately C$75M.
Proceeds raised from the sale of the Flow-Through Shares will be
used to fund exploration on the Company's Corvette Property.
Capitalized terms in this news release not otherwise defined have
the meaning provided in the news release of May 21, 2024 – please refer to that release for
more details about the Flow-Through Offering and the subsequent
secondary sales through the CDI Block Trade and the Shares Block
Trade. The Flow-Through Offering was facilitated by PearTree
Securities Inc.
Settlement in Australia is
anticipated to occur on June 4, 2024
(Sydney, Australia time) at which
time 4,607,147 of the Flow-Through Shares will have been converted
to 46,071,470 Chess Depositary Interests ("CDIs")
which trade on the ASX. Investors receiving CDIs are unable to
convert their CDIs into common shares of the Company for the
purpose of trading such shares in Canada until four (4) months have elapsed from
the settlement date. The 552,812 Flow-Through Shares that are not
converted to CDIs will be subject to a four (4) month statutory
hold period.
For the subsequent secondary sales through the CDI Block Trade
and the Shares Block Trade, Euroz Hartleys Limited and Argonaut
Securities Pty Limited are acting as Australian joint lead managers
on the transaction on behalf of a syndicate that includes Bell
Potter Securities Ltd. and Foster Stockbroking as Australian
co-mangers, and Raymond James Ltd. is acting as international
joint-lead manager on the transaction on behalf of a syndicate of
Canadian agents including BMO Capital Markets and National Bank
Financial Inc.
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
unless registered under the U.S. Securities Act and applicable
state securities laws or in a transaction exempt from, or not
subject to, the registration requirements of the U.S. Securities
Act or the applicable state securities laws.
About Patriot Battery Metals
Inc.
Patriot Battery Metals Inc. is a hard-rock lithium exploration
company focused on advancing its district-scale 100% owned Corvette
Property located in the Eeyou Istchee James Bay region of
Quebec, Canada, and proximal to
regional road and powerline infrastructure. The Corvette Property
hosts the CV5 Spodumene Pegmatite with a maiden mineral resource
estimate of 109.2 Mt at 1.42% Li2O
inferred1 and ranks as the largest lithium pegmatite
resource in the Americas based on contained lithium carbonate
equivalent (LCE), and one of the top 10 largest lithium pegmatite
resources in the world. Additionally, the Corvette Property hosts
multiple other spodumene pegmatite clusters that remain to be drill
tested, as well as more than 20 km of prospective trend that
remains to be assessed.
1 The CV5 mineral resource estimate (109.2
Mt at 1.42% Li2O and 160 ppm Ta2O5
inferred) is reported at a cut-off grade of 0.40% Li2O
with effective date of June 25,
2023 (through drill hole CV23-190). Mineral
resources are not mineral reserves as they do not have demonstrated
economic viability.
For further information, please contact us at
info@patriotbatterymetals.com or by calling +1 (604) 279-8709, or
visit www.patriotbatterymetals.com. Please also refer to the
Company's continuous disclosure filings, available under its
profile at www.sedarplus.ca and www.asx.com.au, for available
exploration data.
This news release has been approved by the Board of
Directors.
"KEN BRINSDEN"
Kenneth Brinsden, President, CEO,
& Managing Director
Disclaimer for Forward-looking Information
This news release contains "forward-looking information" or
"forward-looking statements" within the meaning of applicable
securities laws and other statements that are not historical facts.
Forward-looking statements are included to provide information
about management's current expectations and plans that allows
investors and others to have a better understanding of the
Company's business plans and financial performance and
condition.
All statements, other than statements of historical fact
included in this news release, regarding the Company's strategy,
future operations, financial position, prospects, plans and
objectives of management are forward-looking statements that
involve risks and uncertainties. Forward-looking statements are
typically identified by words such as "plan", "expect", "estimate",
"intend", "anticipate", "believe", or variations of such words and
phrases or statements that certain actions, events or results
"may", "could", "would", "might" or "will" be taken, occur or be
achieved. In particular and without limitation, this news release
contains forward-looking statements pertaining to the moment of
settlement.
Forward-looking information is based upon certain assumptions
and other important factors that, if untrue, could cause the actual
results, performance or achievements of the Company to be
materially different from future results, performance or
achievements expressed or implied by such information or
statements. There can be no assurance that such information or
statements will prove to be accurate.
Readers are cautioned that the foregoing list is not
exhaustive of all factors and assumptions which may have been used.
Forward-looking statements are also subject to risks and
uncertainties facing the Company's business, any of which could
have a material adverse effect on the Company's business, financial
condition, results of operations and growth prospects. Some of the
risks the Company faces and the uncertainties that could cause
actual results to differ materially from those expressed in the
forward-looking statements include, among others, the ability to
execute on plans relating to the Company's Corvette Project,
including the timing thereof. In addition, readers are directed to
carefully review the detailed risk discussion in the Company's most
recent Annual Information Form filed on SEDAR+, which discussion is
incorporated by reference in this news release, for a fuller
understanding of the risks and uncertainties that affect the
Company's business and operations.
Although the Company believes its expectations are based upon
reasonable assumptions and has attempted to identify important
factors that could cause actual actions, events or results to
differ materially from those described in forward-looking
statements, there may be other factors that cause actions, events
or results not to be as anticipated, estimated or intended. There
can be no assurance that forward-looking information will prove to
be accurate, as actual results and future events could differ
materially from those anticipated in such information. As such,
these risks are not exhaustive; however, they should be considered
carefully. If any of these risks or uncertainties materialize,
actual results may vary materially from those anticipated in the
forward-looking statements found herein. Due to the risks,
uncertainties and assumptions inherent in forward-looking
statements, readers should not place undue reliance on
forward-looking statements.
Forward-looking statements contained herein are presented for
the purpose of assisting investors in understanding the Company's
business plans, financial performance and condition and may not be
appropriate for other purposes.
No securities regulatory authority or stock exchange has
reviewed nor accepts responsibility for the adequacy or accuracy of
the content of this news release.
The forward-looking statements contained herein are made only
as of the date hereof. The Company disclaims any intention or
obligation to update or revise any forward-looking statements,
whether as a result of new information, future events or otherwise,
except to the extent required by applicable law. The Company
qualifies all of its forward-looking statements by these cautionary
statements.
Competent Person Statement (ASX Listing Rule
5.22)
The mineral resource estimate in this release was reported by
the Company in accordance with ASX Listing Rule 5.8 on July 31, 2023. The Company confirms it is not
aware of any new information or data that materially affects the
information included in the announcement and that all material
assumptions and technical parameters underpinning the estimates in
the announcement continue to apply and have not materially changed.
The Company confirms that the form and context in which the
competent person's findings are presented have not been materially
modified from the original market announcement.
SOURCE Patriot Battery Metals Inc.