Vancouver, B.C. – Vital Battery Metals Inc. (“Vital” or the “Company”) (CSE: VBAM) is pleased to announce that, further to its news release dated December 19, 2023, it has closed a non-brokered private placement for total gross proceeds of $752,850 (the “Placement”).
The Company has allotted and issued 1,673,000 flow-through units (each, a “FT Unit”) at a purchase price of $0.45 per FT Unit. Each FT Unit consists of one common share, as defined in subsection 66(15) of the Income Tax Act (Canada)(“ITA”) as presently constituted, which shall qualify for the federal 30% Critical Mineral Exploration Tax Credit, as defined in subsection 127(9) of the Income Tax Act (Canada), and one-half of one transferable common share purchase warrant (each whole, a “Warrant”). Each Warrant entitles the holder to acquire one additional common share at an exercise price of $0.60 for a period of 24 months from the closing date.
In relation to the Placement, the Company has paid finder’s fees of $34,987.50 and issued 77,750 finder’s warrants to an arm’s-length party, entitling the holder to acquire one share at a price of $0.45 per share for a period of 24 months.
The Company will use the proceeds from the Private Placement towards exploration on the Company’s flagship Sting Copper Project. All securities issued pursuant to the Private Placement will be subject to a hold period expiring April 29, 2024.
About Vital Battery Metals Inc.
Vital Battery Metals Inc. (CSE: VBAM |OTC: VBAMF | FRA: C0O) is a mineral exploration company dedicated to the development of strategic projects comprised of battery, base and precious metals in stable jurisdictions. The Company is working to advance its Schofield Lithium, Dickson Lake Lithium, Sting Copper Project, and Vent Copper-Gold Projects.
The Sting Copper Project covers approximately 12,700 hectares and hosts multiple historic Newfoundland and Labrador Government documented mineral occurrences and is located within a 50 km corridor known for significant volcanogenic massive sulfide (VMS), copper quartz vein lode and low sulphation epithermal gold showings. The Vent Copper-Gold project covers 1,562 hectares in British Columbia. Vital continues to evaluate value-add assets to bolster its project portfolio.
The Schofield Lithium Project covers 8,824 hectares and is adjacent to Brunswick Exploration’s Hearst Lithium Project. The Schofield Lithium Project is located ~60 km south of Hearst, Ontario. The Dickson Lake Lithium Project covers 464 single-cell mining claims and approximately 9,780 hectares and is near a Brunswick Exploration Lithium Project, Imagine Lithium’s Jackpot Deposit and Rock Tech’s Georgia Lake Deposit.
For More Information Visit www.vitalbatterymetals.com
On Behalf of the Board of Directors
Chief Executive Officer, Director
+1 (604) 229-9772
Disclaimer for Forward-Looking Information
This news release contains certain forward-looking statements within the meaning of applicable securities laws. All statements that are not historical facts, including without limitation, statements regarding future estimates, plans, programs, forecasts, projections, objectives, assumptions, expectations or beliefs of future performance, including statements regarding the date on which the Shares are expected to begin trading on the CSE are “forward-looking statements”. Forward-looking statements in this news release include, but are not limited to, statements with respect to the Placement; the Company’s objectives, goals or future plans; the commencement of a drilling or exploration program in the future; the completion of the Placement. These forward-looking statements reflect the expectations or beliefs of management of the Company based on information currently available to it. Forward-looking statements are subject to a number of risks and uncertainties, including those detailed from time to time in filings made by the Company with securities regulatory authorities, which may cause actual outcomes to differ materially from those discussed in the forward-looking statements. These factors should be considered carefully and readers are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements and information contained in this news release are made as of the date hereof and the Company undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.
The CSE does not accept responsibility for the adequacy or accuracy of this release.