VANCOUVER, British Columbia, Nov. 09, 2022 (GLOBE NEWSWIRE) -- Vital Battery Metals Inc. (“Vital” or the “Company”) (CSE: VBAM) is pleased to announce that it has closed a non-brokered private placement offering, as previously announced on September 21, 2022, for total gross proceeds of $2,300,000 (the “Private Placement”).
The Company has allotted and issued 9,200,000 units (the “Units”) at a price of $0.25 per Unit. Each unit consists of one common share of the Company and one transferable share purchase warrant, entitling the holder to acquire one additional common share at an exercise price of $0.35 for a period of 24 months from the closing date.
In relation to the Private Placement, the Company has paid finder’s fees of $58,975 and issued 235,900 finder’s warrants to arm’s-length parties, entitling the holder to acquire one share at a price of $0.35 per share for a period of 24 months.
The Company will use the proceeds from the Private Placement towards exploration on the Company’s Sting and Vent Properties and for general working capital. All securities issued pursuant to the Private Placement will be subject to a hold period expiring March 9, 2023.
About Vital Battery Metals Inc.
Vital Battery Metals Inc. (CSE: VBAM) is a mineral exploration company dedicated to the development of strategic projects comprising of battery, base and precious metals in stable jurisdictions. The Company is working to advance its Sting Copper Project and its Vent Copper-Gold project.
The Sting Project covers approximately 30.6 km² (3,060 ha) 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.
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.
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