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2200 – 1250 Rene Levesque Blvd. Montreal, QC, H3B 4W8 #1100 - 1111 Melville Street, Vancouver, BC, V6E 3V6 Phone: Phone: (438) 469-0705 (604) 343-7740 Email: [email protected] Website: www.greenbatteryminerals.com
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VANCOUVER, BRITISH COLUMBIA – Vancouver, British Columbia, | December 30, 2022 – Green Battery Minerals Inc. (“Green Battery” or the “Company”) (TSX-V: GEM, FSE: BK2P, WKN: A2QENP OTC: GBMIF) is pleased to announce it has received conditional approval and will now apply to the TSX Venture Exchange to close its previously announced private placement as to 5,600,000 units (“Units”) at $0.05 per Unit for gross proceeds of up to $280,000. Each Unit consists of one common share and one warrant exerciseable at $0.08 for a period of two
| years, subject to the right to be | accelerated by the Company in the event that the Company’s shares trade at or above |
| $0.20 for a period of 10 consecutive days. In such case of accelerated warrants, the Company may give notice, in | |
| writing or by way of news release, to the holders that the warrants will expire 30 days from the date of providing such | |
| notice. |
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Two insiders of the Company wish to participate in the private placement as to an aggregate of 1,200,000 Units, thereby making the offering a "related party transaction" as defined under Multilateral Instrument 61-101 ("MI 61- 101"). The Company is of the view that the offering is exempt from the need to obtain minority shareholder and a formal valuation as required by MI 61-101 as the Company is listed on the TSX Venture Exchange and the fair market value of any units to insiders or the consideration paid by insiders of the Company will not exceed 25% of the Company's market capitalization. The Company did not file a material change report 21 days prior to announcing this private placement as the details of the respective participation is not known.
Proceeds of the issuance will be used for general working capital and to advance Green Batteries Quebec based projects.
The securities to be issued will have the required hold period of four month plus one day from issuance.
About the Berkwood Graphite Project
The Berkwood Graphite Project is located within the jurisdiction of Quebec, in the Manicouagan Regional County Municipality, three hours driving time from the city of Baie-Comeau. Easy access is provided via a major secondary road and numerous tertiary and forest roads that traverse the property.
The Zone 1 deposit lies 8 km southwest of Mason Graphite’s deposit which is the subject of a current feasibility study. The Company believes its Zone 1 deposit and that of Mason share many similar geological characteristics with the Zone 1 deposit being one of the highest-grade graphite deposits in the world.
The current mineral resource at the Berkwood Graphite Project includes in-pit constrained resource totalling 1,755,300 tonnes of indicated resources at 17.00 % Cgr and 1,526,400 tonnes in inferred resources at 16.39 % Cgr.
Table 1: In-pit Resource at Lac Gueret South Project (rounded numbers)
The mineral resource estimates above are described in the technical report entitled, NI 43-101 Technical Report Mineral Resource Estimate on the Lac Gueret South Graphite Property, Quebec, Canada. With an Effective date of June 19th, 2019, dated June 30th, 2019, by Edward Lyons, PGeo., Florent Baril, ing., and Claude Duplessis, ing. Link to Report:
https://greenbatteryminerals.com/wp-content/uploads/ReportFINAL_compressed.pdf
About the Company: Green Battery Minerals is managed by a team with over 150 years of collective experience with a proven track record of not just finding numerous mines but building and operating them as well. The Green Battery Minerals management team’s most recent success is discovering the Berkwood graphite deposit in Northern Québec. Green Battery Minerals owns 100% of this asset and the Company’s shareholders will benefit from this asset as the demand for graphite for electric vehicles increases significantly.
On Behalf of the Board of Directors
Green Battery Minerals Inc.
‘Thomas Yingling’
Thomas Yingling, President, CEO & Director
FOR MORE INFORMATION, PLEASE CONTACT:
Investor Relations:
or 1-604-343-7740 [email protected] www.greenbatteryminerals.com
Disclaimer for Forward-Looking Information:
Certain statements in this document which are not purely historical are forward-looking statements, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Forward looking statements in this news release include that the Company will carry out the drill program described in this news release, conduct the Offering and expend funds on Berkwood Graphite Project exploration. It is important to note that the Company’s actual business outcomes and exploration results could differ materially from those in such forward-looking statements. Risks and uncertainties include that further permits may not be granted timely or at all; the mineral claims may prove to be unworthy of further expenditure; there may not be an economic mineral resource; methods we thought would be effective may not prove to be in practice or on our claims; economic, competitive, governmental, environmental and technological factors may affect the Company’s operations, markets, products and prices; our specific plans and timing drilling, field work and other plans may change; we may not have access to or be able to develop any minerals because of cost factors, type of terrain, or availability of equipment and technology; and we may also not raise sufficient funds to carry out our plans. Additional risk factors are discussed in the section entitled “Risk Factors” in the Company’s Management Discussion and Analysis for its recently completed fiscal period, which is available under Company’s SEDAR profile at www.sedar.com. No assurance can be given that any of the events anticipated by the forward-looking statements will occur or, if they do occur, what benefits the Company will obtain from them. These forward-looking statements reflect management’s current views and are based on certain expectations, estimates and assumptions, which may prove to be incorrect. Except as required by law, we will not update these forward-looking statement risk factors.
Neither 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.