Thursday, June 04, 2020 11:39:29 AM
Not for distribution to United States Newswire Services or for dissemination in the United States
TORONTO, ON / ACCESSWIRE / June 4, 2020 / Grid Metals Corp. (the "Company") (TSXV:GRDM) is pleased to report that it has closed the previously announced non-brokered private placement of flow through units (the "FT Units") of the Company for gross proceeds of C$800,000 (the "Offering"). The Company issued a total of 5,000,000 FT Units of the Company at a price of C$0.16. Red Cloud Securities Inc. acted as a finder in connection with the Offering.
Each FT Unit consisted of one flow through share of the Company and one half of one common share purchase warrant ("Warrant"). Each whole Warrant entitles the holder to purchase one common share in the capital of the Company at a price of C$0.26 per common share for a period of 24 months from closing. The proceeds raised by the Company from the sale of the FT Units will be used to incur eligible "Canadian exploration expenses" that are "flow-through mining expenditures" (as such terms are defined in the Income Tax Act (Canada)), related to exploration of the Company's mineral properties.
In connection with the Offering, the Company paid aggregate finders' fees of $56,000 in cash and finders warrants to purchase 350,000 units issued on the same terms as the FT Units, as permitted by the policies of the TSX Venture Exchange.
Closing of of the Offering subject to receipt of regulatory approvals, including the acceptance of the TSX Venture Exchange. All securities issued pursuant to the Offering are subject to a statutory hold period of four months and one day in accordance with applicable securities laws expiring on October 4, 2020.
The primary use of proceeds is for a drill program at the East Bull Lake Palladium property located approximately 80 km west of Sudbury. The drill program will target a number of geophysical targets generated from the recently completed magnetotelluric survey over a portion of the property. Drilling is scheduled to commence the week of June 8th 2020.
This news release does not constitute an offer of securities for sale in the United States. The securities being offered have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and such securities may not be offered or sold within the United States absent U.S. registration or an applicable exemption from U.S. registration requirements.
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