VANCOUVER, British Columbia, April 03, 2019 (GLOBE NEWSWIRE) -- Global Battery Metals Ltd. (formerly Redzone Resources Ltd.) (the “Company” or “Global Battery Metals”) (TSXV: GBML) announces that it proposes to complete a non-brokered private placement (the “Offering”) of up to 3,125,000 units (“Units”) at a price of $0.16 per Unit to raise aggregate gross proceeds of up to $500,000. Each Unit will be comprised of one common share of the Company (a “Common Share”) and one-half of one share purchase warrant, with each whole share purchase warrant entitling the holder to acquire one additional Common Share at an exercise price of $0.24 for a period of 2 years. Insiders of the Company may subscribe for up to 25% of the Offering. The Offering remains subject to the receipt of all applicable regulatory approvals. The Company may pay a finder’s fee to certain eligible registrants assisting in connection with the Offering in an amount to be determined.
“We are delighted to have the confidence and support of a new strategic group of investors as we move forward with our corporate strategy,” stated Michael Murphy, President and Chief Executive Officer of Global Battery Metals. “This investment accelerates our goal of becoming a world class resource company working to supply the raw materials that make up the battery supply chain and the timing could not be better.”
It is anticipated that this private placement is currently fully subscribed. The funds will be used to begin drilling at the Fortner Boyd Lithium property in Arizona, where a drill permit and bond are in place. The Company expects to be drilling in short order. Additionally, the Company plans to do more work on its North West Leinster property in Ireland to allow it to decide about whether or not to exercise its purchase option.
About Global Battery Metals Ltd.
Global Battery Metals is a mineral exploration company with a focus on metals that make up and support the rapid evolution to battery power. Global Battery Metals currently has three projects: (1) Fortner-Boyd lithium project in Arizona, (2) North-West Leinster lithium property in Ireland and (3) a 55-per-cent stake in the Peru-based Lara copper property, which has over 10,000 metres of drilling.
Michael Murphy, Global Battery 1-604-649-2350 MM@GBML.CA
Sherman Dahl, Pretium Group 250 -558 8340
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 and / or accuracy of this release
Forward Looking Statements – Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties including without limitation, the risk that the Offering may not be completed, as to the size of the Offering, whether it will be fully subscribed, insider participation and proposed uses of proceeds. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of the Company, including, but not limited to the impact of general economic conditions, industry conditions, dependence upon regulatory approvals, and the availability of financing. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements.
