Patriot Battery Metals Inc - PMETF stock
About Patriot Battery Metals
Patriot Battery Metals Inc., based in Vancouver, Canada, is involved in identifying, evaluating, acquiring, and exploring mineral properties, with a primary focus on gold, copper, silver, platinum, and lithium deposits; their flagship project, Corvette-FCI, encompasses 417 claims totaling 21,357 hectares located in Quebec, and the company was previously known as Gaia Metals Corp. before its name change to Patriot Battery Metals Inc. in June 2021, and it was incorporated in 2007.
Gaia Metals Corp. changed in its name to Patriot Battery Metals Inc. in June, 2021. Additionally, the company consolidated its issued and outstanding common shares, where every three (3) pre-consolidated common shares were combined into one (1) post-consolidated common share. Consequently, the total number of outstanding shares decreased to around 10,897,605 common shares. The trading of shares began starting from June 10, 2021.
Patriot Battery Metals Inc. has released the initial mineral resource estimate for the CV5 Spodumene Pegmatite at their wholly owned Corvette Property in the Eeyou Istchee James Bay region of Quebec. The CV5 Spodumene Pegmatite is situated about 13.5 km south of the Trans-Taiga Road and powerline infrastructure corridor, and within 50 km of the La-Grande 4 (LG4) hydroelectric dam complex. The mineral resource estimate for CV5 confirms it as the largest lithium pegmatite mineral resource in the Americas and ranks 8th globally. It contains 109.2 million metric tons with 1.42% Li2O (lithium oxide) and 160 parts per million Ta2O5 (tantalum oxide) as inferred, at a cut-off grade of 0.40% Li2O, representing a total of 3,835,000 metric tons of contained lithium carbonate equivalent. The mineral resource estimate is based on a geological model that identifies a continuous, principal spodumene pegmatite body with true thickness ranging from approximately 8 m to over 130 m. This pegmatite extends over a strike length of about 3.7 km (from one drill hole to another) and is flanked by multiple subordinate lenses. Moreover, the resource and geological modeling have indicated significant growth potential for CV5, as it remains open at both ends along the strike and also at depth along a substantial portion of its length.
Private Placement 2023
Patriot Battery Metals Iengaged in a subscription agreement for a private placement, raising approximately C$109 million from Albemarle Corporation (NYSE: ALB). Under this agreement, Albemarle will subscribe to a total of 7,128,341 common shares of Patriot Battery Metals Inc. at a price of C$15.29 per Common Share. This price represents a 7% premium to the closing price of the Common Shares on the TSX Venture Exchange on July 31, 2023, and a 10% premium to the 10-day volume weighted average trading price of the Common Shares on the TSXV for the period ending July 31, 2023, which was the last trading day before the announcement of the Strategic Investment. Following the completion of this Strategic Investment, Albemarle will hold approximately 4.9% of Patriot's issued and outstanding Common Shares on a fully-diluted in-the-money basis or 6.4% on a non-diluted, issued and outstanding basis. The funds raised through this investment will be utilized to expedite the development activities at Patriot's Corvette Lithium Project and for general corporate purposes.
- Yahoo Finance. PMETF Stock Profile. Retrieved on 7/31/2023.
- newsfilecorp.com. CSE Bulletin: Name Change and Consolidation - Gaia Metals Corp. (GMC). June 9, 2021.
- GlobeNewswire. atriot Announces the Largest Lithium Pegmatite Resource in the Americas at CV5, Corvette Property, Quebec, Canada July 30, 2023..
- Financial Post. Patriot Battery Metals Announces Closing of a C$109 Million Strategic Investment with Albemarle Corporation. August 3, 2023.