VANCOUVER, BC, July 11,
2024 /PRNewswire/ - July
12, 2024 – Sydney,
Australia
Patriot Battery Metals Inc. (the "Company" or "Patriot") (TSX:
PMET) (ASX: PMT) (OTCQX: PMETF) (FSE: R9GA) announces it has filed
a preliminary short form base shelf prospectus with the securities
regulatory authorities in each of the provinces of
Canada.
Patriot President, Managing Director & CEO Ken Brinsden said: "Given Patriot supports
both a TSX and ASX listing, the filing of a Base Shelf Prospectus
better aligns the share issue process on TSX with ASX outcomes.
Following the C$75 million
flow-through financing completed in May, Patriot remains extremely
well-funded through the current cycle. This strong balance sheet
position supports our multi-pronged exploration and development
strategy, including the delivery of the 2024 Summer-Fall work
program, the impending resource update in August, the completion of
a PEA in September and the delivery of the Feasibility Study by the
September quarter of 2025."
In Canada, the use of a base
shelf prospectus is customary practice as it allows companies to
undergo applicable Canadian regulatory review process before
commencing any offer of securities. Importantly, and generally
speaking, securities issued under a shelf prospectus supplement
filed under a base shelf prospectus are not subject to a four month
mandatory hold period in Canada.
As there are only limited scenarios where ASX applies hold periods
for issues of securities, for dual TSX-ASX listed Canadian issuers,
filing a base shelf prospectus (which is effective for a period of
25 months from the date it becomes final) broadly facilitates
alignment for issues of shares across the ASX and TSX.
The Company has no immediate plans to issue securities under
the base shelf prospectus, and may never issue any securities
under this prospectus. The terms of any security offer will be made
subject to applicable securities laws and depending on the final
structure and size of any security offer, the Company may require
shareholder approval under the ASX Listing Rules.
Patriot has filed this preliminary base shelf prospectus in
order to provide the Company with greater financial flexibility
going forward (and as noted above, broadly facilitating alignment
for the process to issue shares on the TSX to that provided on the
ASX), but has not entered into any agreements or
arrangements to authorize or offer any securities at this time.
When made final or effective, the base shelf prospectus will
allow the Company to offer and issue common shares, preferred
shares, debt securities, warrants, subscription receipts, units or
any combination thereof for up to an aggregate offering price of
C$250 million during the 25-month
period that the base shelf prospectus is effective. The specific
terms of any offering of securities under the base shelf
prospectus, including the use of proceeds from any offering, will
be set forth in a shelf prospectus supplement which will be filed
with the applicable Canadian securities regulatory authorities.
This news release shall not constitute an offer to sell or the
solicitation of an offer to buy, nor shall there be any sale of
these securities in any province, state or jurisdiction in which
such offer, solicitation or sale would be unlawful prior to the
registration or qualification under the securities laws of any such
province, state or jurisdiction.
A copy of the preliminary short form base shelf prospectus can
be found on SEDAR+ at www.sedarplus.ca and ASX at
www.asx.com.au.
About Patriot Battery Metals
Inc.
Patriot Battery Metals Inc. is a hard-rock lithium exploration
company focused on advancing its district-scale 100% owned Corvette
Property located in the Eeyou Istchee James Bay region of
Quebec, Canada, and proximal to
regional road and powerline infrastructure. The Corvette Property
hosts the CV5 Spodumene Pegmatite with a maiden Mineral Resource
Estimate of 109.2 Mt at 1.42% Li2O
Inferred1 reported on July 31,
2023 and ranks as the largest lithium pegmatite resource in
the Americas based on contained lithium carbonate equivalent (LCE),
and one of the top 10 largest lithium pegmatite resources in the
world. Additionally, the Corvette Property hosts multiple other
spodumene pegmatite clusters that remain to be drill tested, as
well as significant areas of prospective trend that remain to be
assessed.
1 The CV5 Mineral Resource Estimate (109.2
Mt at 1.42% Li2O and 160 ppm Ta2O5
Inferred) is reported at a cut-off grade of 0.40% Li2O
with an Effective Date of June 25,
2023 (through drill hole CV23-190). Mineral
Resources are not Mineral Reserves as they do not have demonstrated
economic viability. Largest lithium pegmatite resource in the
Americas based on contained LCE.
For further information, please contact us at
info@patriotbatterymetals.com or by calling +1 (604) 279-8709,
or visit www.patriotbatterymetals.com. Please also refer to the
Company's continuous disclosure filings, available under its
profile at www.sedarplus.ca and www.asx.com.au, for available
exploration data.
This news release has been approved by the Board of
Directors.
"KEN BRINSDEN"
Kenneth Brinsden, President, CEO, & Managing
Director
Disclaimer for Forward-looking Information
This news release contains "forward-looking information" or
"forward-looking statements" within the meaning of applicable
securities laws and other statements that are not historical facts.
Forward-looking statements are included to provide information
about management's current expectations and plans that allows
investors and others to have a better understanding of the
Company's business plans and financial performance and
condition.
All statements, other than statements of historical fact
included in this news release, regarding the Company's strategy,
future operations, technical assessments, prospects, plans and
objectives of management are forward-looking statements that
involve risks and uncertainties. Forward-looking statements are
typically identified by words such as "plan", "expect", "estimate",
"intend", "anticipate", "believe", or variations of such words and
phrases or statements that certain actions, events or results
"may", "could", "would", "might" or "will" be taken, occur or be
achieved.
Forward-looking information is based upon certain assumptions
and other important factors that, if untrue, could cause the actual
results, performance or achievements of the Company to be
materially different from future results, performance or
achievements expressed or implied by such information or
statements. There can be no assurance that such information or
statements will prove to be accurate.
Readers are cautioned that the foregoing list is not exhaustive
of all factors and assumptions which may have been used.
Forward-looking statements are also subject to risks and
uncertainties facing the Company's business, any of which could
have a material adverse effect on the Company's business, financial
condition, results of operations and growth prospects. Some of the
risks the Company faces and the uncertainties that could cause
actual results to differ materially from those expressed in the
forward-looking statements include, among others, the ability to
execute on plans relating to the Company's Corvette Project,
including the timing thereof. In addition, readers are directed to
carefully review the detailed risk discussion in the Company's most
recent Annual Information Form filed on SEDAR+, which discussion is
incorporated by reference in this news release, for a fuller
understanding of the risks and uncertainties that affect the
Company's business and operations.
Although the Company believes its expectations are based upon
reasonable assumptions and has attempted to identify important
factors that could cause actual actions, events or results to
differ materially from those described in forward-looking
statements, there may be other factors that cause actions, events
or results not to be as anticipated, estimated or intended. There
can be no assurance that forward-looking information will prove to
be accurate, as actual results and future events could differ
materially from those anticipated in such information. As such,
these risks are not exhaustive; however, they should be considered
carefully. If any of these risks or uncertainties materialize,
actual results may vary materially from those anticipated in the
forward-looking statements found herein. Due to the risks,
uncertainties and assumptions inherent in forward-looking
statements, readers should not place undue reliance on
forward-looking statements.
Forward-looking statements contained herein are presented for
the purpose of assisting investors in understanding the Company's
business plans, financial performance and condition and may not be
appropriate for other purposes.
The forward-looking statements contained herein are made only as
of the date hereof. The Company disclaims any intention or
obligation to update or revise any forward-looking statements,
whether as a result of new information, future events or otherwise,
except to the extent required by applicable law. The Company
qualifies all of its forward-looking statements by these cautionary
statements.
Competent Person Statement (ASX Listing Rule 5.22)
The mineral resource estimate in this release was reported by
the Company in accordance with ASX Listing Rule 5.8 on July 31, 2023. The Company confirms that, as of
the date of this release, it is not aware of any new information or
data verified by the competent person that materially affects the
information included in the announcement and that all material
assumptions and technical parameters underpinning the estimates in
the announcement continue to apply and have not materially changed.
The Company confirms that, as of the date of this release, the form
and context in which the competent person's findings are presented
have not been materially modified from the original market
announcement.
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SOURCE Patriot Battery Metals Inc.