Grid Metals Corp. (TSXV: GRDM | OTCQB: MSMGF) has announced a non-brokered private placement to raise gross proceeds of up to C$ 5.4M. The proceeds of the financing will be used for resource drilling at its Donner Lake Lithium Project and for exploration at Donner Lake and the Falcon West Lithium Property.
“This financing will enable both the planned resource drilling at Donner Lake and exploration drilling on exciting new targets we have developed at Donner Lake and Falcon West,” commented Grid Metals CEO, Robin Dunbar.
“We view the recent announcements of a maiden NI 43-101 resource (6.8 Mt @1.39% Li2O) and our True North Mill lease agreement as important milestones in our ongoing push toward production at Donner Lake – and on a condensed timeline compared to peer projects in other parts of Canada.”
Approximately 20M shares of the financing will be purchased by two current institutional shareholders of the company, Waratah Capital Advisors and AMCI Group.
The financing is expected to close before Christmas on or about 21 December 2023. The financing will consist of a total of up to 30M special flow-through common shares sold by way of a charitable flow-through offering at C$0.18 each for gross proceeds of up to C$5.4M.
“This financing will allow us to continue to advance the project on an uninterrupted timeline. Grid remains focused on becoming one of the next producing lithium mines in North America in an area with excellent mineral potential.”
Grid Metals is focused on its Donner Lake Lithium Project located in the Bird River greenstone belt in southeastern Manitoba, approximately 150km northeast of Winnipeg. Grid has a 75% project interest in Donner Lake and is the project operator subject to a joint venture agreement with a fund controlled by Waratah Capital Advisors.
For further information, please visit: www.gridmetalscorp.com
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