Mr. Massimo Bellini Bressi reports
BATTERY X METALS ANNOUNCES GRANT OF RESTRICTED SHARE UNITS
Battery X Metals Inc. has granted a total of 1,794,000 restricted share units (RSUs) to certain directors, officers and consultants of the company, effective Jan. 1, 2025, outside of its equity incentive plan dated May 7, 2024.
The RSUs shall vest as follows:
- 25 per cent of the RSUs vesting on May 2, 2025;
- 25 per cent of the RSUs vesting on the date that is six months from the date of grant;
- 25 per cent of the RSUs vesting on the date that is nine months from the date of grant;
- 25 per cent of the RSUs vesting on the date that is 12 months from the date of grant.
The company confirms that, in accordance with Section 6.5(6)(a)(ii) of Canadian Securities Exchange Policy 6, equity grants issued under the plan, together with the RSUs granted outside of the plan, will not be greater than 5 per cent of the issued and outstanding shares at the time of adoption as applying to an individual, or 10 per cent in total in the next 12 months.
All securities are subject to a statutory hold period of four months and one day from the date of grant, in compliance with applicable stock exchange policies.
The RSU grants to Massimo Bellini Bressi and Martino Ciambrelli are related party transactions, within the meaning of Multilateral Instrument 61-101 -- Protection of Minority Security Holders in Special Transactions. The insider RSU grants are exempt from the formal valuation requirement of MI 61-101 by virtue of the exemption contained in Section 5.5(b) of MI 61-101, as the company's common shares are not listed on a specified market, and from the minority shareholder approval requirements of MI 61-101 by virtue of the exemption contained in Section 5.7(1)(a) of MI 61-101, as the fair market value of the insider RSU grants does not exceed 25 per cent of the company's market capitalization. As the material change report disclosing the insider RSU grants is being filed fewer than 21 days before the transaction, there is a requirement under MI 61-101 to explain why the shorter period was reasonable or necessary in the circumstances. In the view of the company, it is necessary to immediately grant the insider RSU grants and, therefore, such shorter period is reasonable and necessary in the circumstances to provide appropriate incentives for the award recipients.
About Battery X Metals Inc.
Battery X Metals is committed to advancing the global clean-energy transition through the development of proprietary technologies and domestic battery metal and critical metal resource exploration. The company focuses on extending the lifespan of electric vehicle (EV) batteries, through its portfolio company, LIBRT1, recovering battery-grade metals from end-of-life lithium-ion batteries, and the acquisition and exploration of battery metal and critical metal resources.
We seek Safe Harbor.
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