Mr. Michael Murphy reports
GLOBAL BATTERY ANNOUNCES GRANT OF STOCK OPTIONS AND SHARES FOR SERVICES AGREEMENT
Global Battery Metals Ltd. has granted incentive stock options to certain directors, officers, employees and consultants of the company to acquire an aggregate of 2,675,000 common shares in the capital of the company at an exercise price of 37 cents in accordance with the company's 10-per-cent rolling incentive stock option plan. The options are exercisable for a five-year term expiring April 7, 2026.
As a result of this stock option grant, Global Battery has 4.4 million stock options issued, representing 8.04 per cent of its issued and outstanding share capital.
In addition, the company announces it has entered into a financial advisory service agreement with an arm's-length mining advisory firm, dated March 15, 2021, pursuant to which payment for services shall be made, subject to approval of the TSX Venture Exchange, in common shares in the capital of the company. The agreement contemplates the issuance of 40,000 common shares to the adviser per month in payment of the monthly work fee until such time as the agreement is terminated. The company has filed a copy and applied for acceptance of the agreement with the TSX Venture Exchange. If approved, the common shares will be issued under the agreement at a deemed price per share to be determined after the date that the services have been provided.
About Global Battery Metals Ltd.
Global Battery is a mineral exploration company with a focus on metals that make up and support the rapid evolution to battery power. Global Battery's common shares are listed on the TSX Venture Exchange, the OTCQB and the Frankfurt Stock Exchange. Global Battery currently has three projects: (1) an option to acquire up to 90 per cent of the North-West Leinster lithium property in Ireland; (2) a 100-per-cent interest in the Lithium King property in Utah; and (3) a 55-per-cent stake in Peru-based Lara copper property, which has over 10,000 metres of drilling. As previously disclosed, Minsur SA, a Peruvian mining company, entered into an option agreement with Global Battery and Lara Exploration Ltd. to acquire the Lara property for staged payments of $5.75-million (U.S.). Global Battery will retain a 0.75-per-cent net smelter royalty.
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