AC/DC Battery Enters Into Purchase and Sale Agreement
Coquitlam - AC/DC Battery Metals Inc. (the "Company" or "AC/DC") (TSXV: ACDC) (OTC: ACDBF) announces that the Company has entered into a Purchase and Sale Agreement dated August 26, 2024 (the "Agreement"), with Grid Battery Metals Inc. ("Grid"), whereby Grid will acquire a 100% interest in 17 mineral claims comprising 27,525.24 hectares located in North Central British Columbia from the Company. The Transaction is a "related party" transaction and is subject to TSX Venture Exchange ("Exchange") approval. To complete the Transaction, Grid will make a cash payment of $48,172.15 for reimbursement of staking costs and issue 5,000,000 shares of Grid at a deemed value of $0.05 per share to the Company upon Exchange approval of the Transaction.
Pursuant to TSXV Policy 5.9 and Multilateral Instrument 61-101 -- Protection of Minority Security Holders in Special Transactions ("MI 61-101"), the Agreement constitutes a "related party transaction" due to the fact that there are common officers and directors of the Company and AC/DC. The Company relied on Section 5.5(a) of MI 61-101 for an exemption from the formal valuation requirement and Section 5.7(1)(a) of MI 61-101 for an exemption from the minority shareholder approval requirement of MI 61-101 as the fair market value of the transaction did not exceed 25% of the Company's market capitalization. No new insiders will be created, nor will any change of control occur, as a result of the Transaction.
Qualified Person
Jeremy Hanson, P.Geo., an independent qualified person as defined under National Instrument 43-101 has reviewed and approved the technical content in this news release.
About AC/DC Battery Metals Inc.
Nickel Project, British Columbia
The Mount Sidney Williams Group consists of three claim blocks with a total area of 10,569 hectares in the area surrounding Mount Sidney Williams, both adjoining and near the Decar project of FPX Nickel Corp., located 100 kilometres northwest of Fort St. James, B.C., in the Omineca mining division. Metallic mineralization includes nickel, cobalt, and chromium. At least some of the nickel mineralization occurs as awaruite. The Mitchell Range Group area claim consists of one claim block covering 8,659 hectares with demonstrated metallic mineralization including nickel, cobalt, and chromium. Nickel cobalt mineralization has not been well explored, but the presence of awaruite has been documented. The Company owns a 100% interest in the Nickel Project.
On Behalf of the Board of Directors
"Tim Fernback"
Tim Fernback, President & CEO
Contact Information:
Email: info@acdcbatterymetals.com
Phone: 604-336-8026
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This news release may contain forward-looking statements which include, but are not limited to, comments that involve future events and conditions, which are subject to various risks and uncertainties. Except for statements of historical facts, comments that address resource potential, upcoming work programs, geological interpretations, receipt and security of mineral property titles, availability of funds, and others are forward-looking. Forward-looking statements are not guarantees of future performance and actual results may vary materially from those statements. General business conditions are factors that could cause actual results to vary materially from forward-looking statements.
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