Patriot Battery Metals Inc. (the “Company” or “Patriot”) (TSX.V:
PMET | ASX: PMT | OTCQX: PMETF | FSE: R9GA) is pleased to announce
that it has closed its previously announced private placement of
approximately C$109 million (the “Strategic Investment”) in Patriot
by Albemarle Corporation (“Albemarle”) (NYSE: ALB).
Following closing of the Strategic Investment,
Albemarle now owns approximately 4.9% of Patriot’s issued and
outstanding Common Shares on a fully-diluted in-the-money basis, or
6.4% on a non-diluted, issued and outstanding basis. The Common
Shares subscribed by Albemarle are subject to a restriction on
resale of four months and one day from the date hereof.
The proceeds from the Strategic Investment will
be used to accelerate the development activities at the Company’s
Corvette Lithium Project (the “Property”) and for general corporate
purposes.
In connection with the Strategic Investment,
Patriot and Albemarle have also entered into (i) an investor rights
agreement (the “Investor Rights Agreement”) for a twelve-month term
whereby, subject to certain conditions, Albemarle will have the
right to receive notices regarding participation in future equity
capital raises to maintain its ownership level, and (ii) a
non-binding memorandum of understanding (the “MOU”) to assess
partnership opportunities to study the viability of a downstream
lithium hydroxide plant integrated with the Property and located in
Canada or the United States, including options in the Province of
Quebec.
For additional details regarding the terms and
details of the Strategic Investment, including the Investor Rights
Agreement and the MOU, please refer to the Company’s press release
dated July 31, 2023. The full text of the Investor Rights Agreement
will be made available under the Company’s profile at
www.sedarplus.ca and www.asx.com.au following the date
hereof.
This news release does not constitute an offer
to sell or a solicitation of an offer to buy any of the securities
in the United States. The securities have not been and will not be
registered under the United States Securities Act of 1933, as
amended (the “U.S. Securities Act”), or any state securities laws
and may not be offered or sold within the United States or to U.S.
Persons absent registration under, or an applicable exemption from
the registration requirements of, the U.S. Securities Act and
applicable state securities laws.
About Patriot Battery Metals
Inc.
Patriot Battery Metals Inc. is a hard-rock
lithium exploration company focused on advancing its district-scale
100% owned Corvette Property located in the Eeyou Istchee James Bay
region of Quebec, Canada, and proximal to regional road and
powerline infrastructure. The Corvette Property hosts the CV5
Spodumene Pegmatite with a maiden inferred mineral resource
estimate of 109.2 Mt at 1.42% Li2O and 160 ppm Ta2O5 (at a
cut-off of 0.40% Li2O), and ranks as the largest lithium pegmatite
resource in the Americas, and one of the top 10 largest lithium
pegmatite resources in the world. Additionally, the Corvette
Property hosts multiple other spodumene pegmatite clusters that
remain to be drill tested, as well as more than 20 km of
prospective trend that remain to be assessed.
About Albemarle Corporation
Albemarle Corporation (NYSE: ALB) is a global
leader in transforming essential resources into critical
ingredients for mobility, energy, connectivity, and health.
Together with its world-class lithium and bromine resources,
technical and process knowledge, and safety and sustainability
performance, Albemarle partner with its customers to pioneer new
ways to move, power, connect, and protect. Albemarle is committed
to building a more resilient world where people and planet thrive.
Learn more about Albemarle at www.albemarle.com and at
@albemarlecorp on LinkedIn, Twitter, and Facebook.
Neither the TSXV nor its regulation services
provider (as that term is defined in the policies of the TSXV)
accepts responsibility for the adequacy or accuracy of this press
release.
For further information, please contact us at
info@patriotbatterymetals.com or by calling
+1 (604) 279-8709, or visit www.patriotbatterymetals.com.
Please also refer to the Company’s continuous disclosure filings,
available under its profile at www.sedarplus.ca and
www.asx.com.au, for available exploration data.
This news release has been approved by the Board
of Directors.
“BLAIR
WAY” Blair
Way, President, CEO, & Director
Disclaimer for Forward-Looking
Information
This news release contains “forward-looking
information” or “forward-looking statements” within the meaning of
applicable securities laws and other statements that are not
historical facts. Forward-looking statements are included to
provide information about management’s current expectations and
plans that allows investors and others to have a better
understanding of the Company’s business plans and financial
performance and condition.
All statements, other than statements of
historical fact included in this news release, regarding the
Company’s strategy, future operations, financial position,
prospects, plans and objectives of management are forward-looking
statements that involve risks and uncertainties. Forward-looking
statements are typically identified by words such as “plan”,
“expect”, “estimate”, “intend”, “anticipate”, “believe”, or
variations of such words and phrases or statements that certain
actions, events or results “may”, “could”, “would”, “might” or
“will” be taken, occur or be achieved. In particular and without
limitation, this news release contains forward-looking statements
pertaining to the intended use of the proceeds from the Strategic
Investment, the completion of a study for a lithium hydroxide plant
and the formation of joint venture or partnership with
Albemarle.
Forward-looking information is based upon
certain assumptions and other important factors that, if untrue,
could cause the actual results, performance or achievements of the
Company to be materially different from future results, performance
or achievements expressed or implied by such information or
statements. There can be no assurance that such information or
statements will prove to be accurate. Key assumptions upon which
the Company’s forward-looking information is based include the
total funding required to complete the Company's Corvette Lithium
Project.
Readers are cautioned that the foregoing list is
not exhaustive of all factors and assumptions which may have been
used. Forward-looking statements are also subject to risks and
uncertainties facing the Company’s business, any of which could
have a material adverse effect on the Company’s business, financial
condition, results of operations and growth prospects. Some of the
risks the Company faces and the uncertainties that could cause
actual results to differ materially from those expressed in the
forward-looking statements include, among others, the ability to
execute on plans relating to the Company’s Corvette Lithium
Project, including the timing thereof. In addition, readers are
directed to carefully review the detailed risk discussion in the
Company’s most recent Annual Information Form filed on SEDAR+,
which discussion is incorporated by reference in this news release,
for a fuller understanding of the risks and uncertainties that
affect the Company’s business and operations.
Although the Company believes its expectations
are based upon reasonable assumptions and has attempted to identify
important factors that could cause actual actions, events or
results to differ materially from those described in
forward-looking statements, there may be other factors that cause
actions, events or results not to be as anticipated, estimated or
intended. There can be no assurance that forward-looking
information will prove to be accurate, as actual results and future
events could differ materially from those anticipated in such
information. As such, these risks are not exhaustive; however, they
should be considered carefully. If any of these risks or
uncertainties materialize, actual results may vary materially from
those anticipated in the forward-looking statements found herein.
Due to the risks, uncertainties and assumptions inherent in
forward-looking statements, readers should not place undue reliance
on forward-looking statements.
Forward-looking statements contained herein are
presented for the purpose of assisting investors in understanding
the Company’s business plans, financial performance and condition
and may not be appropriate for other purposes.
The Company disclaims any intention or
obligation to update or revise any forward-looking statements,
whether as a result of new information, future events or otherwise,
except to the extent required by applicable law. The Company
qualifies all of its forward-looking statements by these cautionary
statements.
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