NEWS: Global Battery Metals Corporate Update
February 8, 2021, Vancouver, British Columbia – Global Battery Metals Ltd. (the “Company” or “GBML”) (TSXV: GBML; OTCQB: REZZF; Frankfurt: REZ) today announced that over the course of the last two weeks, the Company has received approximately $1.1 million in gross proceeds from the exercise of 6,474,122 previously issued share purchase warrants and stock options.
A total of 10,665,111 warrants, each exercisable at a price of $0.15, remain outstanding, and a total of 1,168,750 warrants, each exercisable at a price of $0.24, remain outstanding.
"I am extremely pleased to report that the Company received these proceeds," commented Mr. Murphy, President and CEO. "The capital gives us increased flexibility in any other growth opportunities.”
Since insiders of the Company acquired shares through the exercise of warrants and stock options, this is considered to be a “related party transaction” pursuant to Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101”). However, the Company is exempt from the requirements to obtain a formal valuation or minority shareholder approval in connection with the insiders’ participation in reliance of Sections 5.5(b) and 5.7(1)(a) of MI 61-101.
About Global Battery Metals Ltd.
GBML is a mineral exploration company with a focus on metals that make up and support the rapid evolution to battery power. GBML's common shares are listed on the TSX Venture Exchange, OTCBB and Frankfurt. GBML currently has two projects: (1) an option to acquire up to 90% of the North-West Leinster lithium property in Ireland, and (2) a 55% stake in Peru-based Lara copper property, which has over 10,000 metres of drilling. As previously disclosed, Minsur S.A., a Peruvian mining company, entered into an option agreement with GBML and Lara Exploration Ltd. to acquire the Lara property for staged payments of US$5.75 million. GBML will retain a 0.75% net smelter royalty.
Michael Murphy BA, MBA, MSc., ICD
President & CEO
P: 604-649-2350 https://www.gbml.ca/02082021global-battery-metals-corporate-update