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Vancouver, British Columbia–(Newsfile Corp. – September 20, 2022)- Global Battery Metals Ltd. (TSXV: GBML) (OTCQB: RECZF) (FSE: REC) (the “company” or “GBML“), an international exploration and development company for critical minerals focused on growth-oriented battery metals projects, announces that it has decided to exercise its first option (“First choice“) in relation to the North-West Leinster Lithium Property (the “Property” or the “Project“) pursuant to the amended and restated Memorandum of Understanding dated August 15, 2022 between the Company and LRH Resources Ltd. (“LRHR‘), an independent private exploration company and wholly owned subsidiary of Technology Minerals Plc, a UK listed company (see Company press release dated August 19, 2022).
The property, located in Counties Wicklow and Dublin, Republic of Ireland, is a lithium pegmatite project consisting of 16 prospecting licenses covering approximately 526 km².
Upon such exercise of the first option, GBML will continue to have the right to exercise two additional options to earn up to an additional (a) 37.5% interest for a cumulative 55% interest in the project and (b) 35% interest earn an aggregate 90% interest in the Project by satisfying the requirements of the second option and third option, respectively (see the Company’s news release dated August 19, 2022).
Grant of Stock Options
The Company also announces that it has granted stock options to certain directors, officers, employees and consultants of the Company to purchase an aggregate of 2,300,000 common shares of the Company at an exercise price of $0.12 (the “stock options’), pursuant to the Company’s stock option plan.
The stock options are fully vested and can be exercised for a term of five years until September 14, 2027.
About Global Battery Metals Ltd.
GBML is a mineral exploration company focused on metals that define and support the rapid evolution towards battery power. GBML’s common stock is listed on the TSX Venture Exchange and the Frankfurt Stock Exchange and is listed on the OTCQB. GBML currently has five projects: (1) an option to earn up to 90% of the North-West Leinster lithium property; (2) a 100% interest in the Lithium King property in Utah; (3) an option to earn up to 100% interest in the Lapoile Lithium Project in Newfoundland; (4) an option to lease the prospective Sawyer Camp nickel-copper project in Michigan; and (5) a 55% interest in the Peru-based Lara copper property, which has 10,000 meters of drilling. As previously announced, Minsur SA, a Peruvian mining company, entered into an option agreement (the “Lara Ownership Option Agreement“) with GBML and Lara Exploration Ltd. to acquire the Lara Copper Property for $5.75 million in staged payments.
Global Battery Metals Ltd.
Michael Murphy BA, MBA, MSc, ICD
President and CEO
E: [email protected]
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.
Cautionary Statement Regarding “Forward-Looking” Information
This press release contains certain “forward-looking information” and “forward-looking statements” (collectively, “forward-looking statements”) within the meaning of applicable securities laws. All statements contained herein, other than statements of historical fact, are forward-looking statements. Forward-looking statements are often, but not always, identified by words such as “expect,” “anticipate,” “believe,” “intend,” “estimate,” “potential,” “possible,” and similar expressions or statements that events, conditions or Results “will”, “may”, “could” or “should” occur or be achieved. Forward-looking statements in this news release relate to, among other things, the exercise of the Company’s options with respect to the North-West Leinster Lithium Property. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements reflect the beliefs, opinions and projections at the time the statements are made and are based on a number of assumptions and estimates that, while believed to be reasonable by the Company, are inherently subject to significant business, economic, competitive, political and social uncertainties and contingencies. Many factors, both known and unknown, could cause actual results, performance or achievements to differ materially from the results, performance or achievements expressed or implied by such forward-looking statements and the parties have made assumptions and estimates based on or related to many of these factors. These factors include, without limitation, the ability to complete proposed exploration work, the ability to exercise additional options, the results of exploration, the continued availability of capital and changes in general economic, market and business conditions and the forward-looking statements and information contained in this Press release on these points are included. Readers are urged to refer to the Company’s reports, which are publicly available through the Canadian Securities Administrators’ System for Electronic Document Analysis and Retrieval (SEDAR) at www.sedar.com, for a more complete discussion of such risk factors and their potential impact are. The Company undertakes no obligation to update any forward-looking statements regarding beliefs, opinions, projections or other factors should they change, except as required by applicable securities laws.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/137814