Grid Metals Corp. (TSXV: GRDM | OTCQB: MSMGF) has closed the first tranche of a non-brokered private placement which was previously announced in late November 2023. The company issued over 23M special flow-through shares via a charitable flow-through offering to raise C$4.2M at C$0.18 each.
There were no finders warrants or commissions paid in conjunction with the first tranche of the offering. The proceeds of the financing will be used for resource drilling at the companys’ Donner Lake lithium project and for exploration at both the Donner Lake and the Falcon West properties. The majority of the first tranche (18.6M shares) were purchased by two current institutional shareholders of the company.
A second tranche of financing consisting of special flow-through shares and flow through shares is expected to be completed prior to 2024.
“This financing will enable important resource and exploration drilling to be completed and our Donner Lake Property to continue on a path towards production,” commented Grid CEO Robin Dunbar. “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 a company focused on its Donner Lake Lithium Project in the Bird River greenstone belt in southeastern Manitoba, Canada. 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.
Grid has a lease agreement on the True North mill where it plans to process feed from the Donner Lake property. Grid also has an MOU with Tantalum Mining Corporation of Canada Limited who operates the nearby producing Tanco Mine which is one of only two lithium-producing mines in Canada.
In addition to the wholly-owned Falcon West lithium project, the Company controls the PEA stage Makwa-Mayville Ni-Cu-PGM-Co project. Grid’s properties are in the traditional territory of the Sagkeeng First Nation.
For further information, please visit: www.gridmetalscorp.com
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