Grid Metals Corp. (TSXV:GRDM) has closed a $4,920,000 first tranche of a non-brokered private placement for gross proceeds of $8,520,000.
The First Tranche of the Offering consisted of the following:
- 20,000,000 charitable flow-through common shares of the company sold at a price of $0.21 per Charity Share for gross proceeds of $4,200,000; and
- 6,000,000 ordinary common shares of the company sold at a price of $0.12 per Share for gross proceeds of $720,000
Each Charity Share has been issued as a “flow-through share” within the meaning of the Income Tax Act (Canada).
Proceeds from the sale of Charity Shares will be used to incur “Canadian exploration expenses” and will be eligible for the 30% Manitoba Mineral Exploration Tax Credit.
Churchill Strategic Investments Pty Ltd and Red Cloud Securities acted as finders for the First Tranche of the financing.
The final tranche of the Offering is expected to occur on or before September 23, 2022 and is subject to receipt of all applicable regulatory approvals, including approval of the TSX Venture Exchange.
About Grid Metals
Grid Metals Corp. is an exploration and development company that has a diversified portfolio of projects focused on nickel-copper-platinum group metals and lithium. Grid’s projects are located in the provinces of Manitoba and Ontario Canada.
For further information please visit: https://gridmetalscorp.com/
