AC/DC Battery Metals Secures $2 Million and Begins Trading on the TSX Venture Exchange

COQUITLAM, BC / ACCESSWIRE / July 9, 2024 / Grid Battery Metals Inc. (TSXV:CELL) announced that its former subsidiary, AC/DC Battery Metals Inc. ("AC/DC"), has closed a non-brokered private placement financing, raising CAD$2,000,000 through the issuance of 40,000,000 units at CAD$0.05 per unit. Each unit comprises one common share and one share purchase warrant, enabling the purchase of an additional share at CAD$0.05 over five years, subject to TSX Venture Exchange approval.

AC/DC shares began trading on the TSX Venture Exchange under the symbol "TSXV: ACDC" on July 8, 2024. The company has launched its website and social media accounts.

Grid President & CEO Tim Fernback noted the completion of the financing in a challenging market and the public listing of AC/DC shares as significant milestones. He highlighted the commitment to creating shareholder value following the spin-out of the subsidiary.

The private placement proceeds will be used for exploration, development, and working capital. Insiders purchased 3,000,000 units, a related party transaction under MI 61-101 guidelines. No new insiders or control persons were created.