TORONTO ON / ACCESSWIRE / January 15, 2019 / Grid Metals Corp (TSXV:GRDM ) ("Grid" or the "Company") today announced the closing of its financing ( the "Offering') announced on October 29, 2019. Pursuant to the Offering the Company has issued a total of 3,000,000 Units at $0.10 per Unit and 1,360,000 Flow Through shares at $0.125 per share for total gross proceeds of $470,000. Each Unit consists of a common share and a warrant exercisable at $0.15 per share for a period of two years.
Subsequent to the initial closing announced December 2, 2019 the Company issued 1,080,000 flow through shares and 500,000 Units in the final tranche for gross proceeds of $185,000. Finders fees of $2,450 were paid in connection with the final tranche. The President and CEO of Grid subscribed for 200,000 shares of the flow through portion of the Offering.
A portion of the proceeds of the Offering will be used to finance the exploration on the East Bull Lake palladium property, which is located approximately 80 km west of Sudbury Ontario. Information about the East Bull Lake ("EBL") property can be found on the Grid website at www.gridmetalscorp.com.
Grid to Attend VRIC
The Company is pleased to announce it will be attending the Vancouver Resource Investment Conference on January 19 and 20 and will be exhibiting at Booth #510.
The Company will make a corporate presentation on January 20 at 2:40 pm and will include commentary on the strong palladium market. Grid has strong exposure to palladium through its Makwa-Mayville resource, its PGE zone at the Mayville property, and its EBL project. The next phase of work at EBL will target Lac des Isle-type (structurally controlled) palladium deposits. The Company recently announced the addition of Dr. Dave Peck Ph.D., the former V.P., Exploration at North American Palladium Ltd. (the former owner of the Lac des Isle palladium mine) to its management team. Dave has been appointed to the position of V.P. Exploration and Business Development.
About Grid Metals Corp.
Grid Metals Corp. is an exploration and development Company that has a diversified portfolio of projects in the nickel-copper-platinum group metal sectors. These commodities are vital to the emerging battery metals, energy storage and automotive sectors. All of Grid's projects are located in secure North American mining jurisdictions. The Company is focused on timely advancement of its property portfolio through prudent exploration and development activities.
In addition to the East Bull Lake PGM Property Grid has ongoing development work at its Makwa Mayville Nickel-Copper-PGM project located in Manitoba. The Company is working on completion of an updated NI 43-101 Preliminary Economic Assessment (PEA) for that project. The existing PEA was completed in April 2014.
To find out more about Grid Metals, please visit www.gridmetalscorp.com.
On Behalf of the Board of Grid Metals Corp.
Robin Dunbar - President, CEO & Director
Telephone: 416-955-4773
David Black - Investor Relations
Email: [email protected]
Email: [email protected]
SOURCE: Grid Metals Corp