Global Battery Metals Strengthens Lithium Project Interests with North-West Leinster Property Option Exercise
Vancouver, British Columbia--(Newsfile Corp. - September 20, 2022) - Global Battery Metals Ltd. (TSXV: GBML) (OTCQB: REZZF) (FSE: REZ) (the "Company" or "GBML"), an international critical mineral exploration and development company focused on growth-oriented battery metal projects, announces that the Company has elected to exercise its first option ("First Option") with respect to the North-West Leinster Lithium Property (the "Property" or the "Project") in accordance with the amended and restated letter of intent effected August 15, 2022, between the Company and LRH Resources Ltd. ("LRHR"), an arm's-length private exploration company and wholly-owned subsidiary of Technology Minerals Plc, a UK listed company (see the Company's news release dated August 19, 2022).
The Property, located in the counties of Wicklow and Dublin, in the Republic of Ireland, is a lithium pegmatite project that consists of 16 prospecting licence areas, covering approximately 526 km².
Following this First Option exercise, GBML will continue to have the right to exercise two further options to acquire up to a further (a) 37.5% interest for a cumulative 55% interest in the Project, and (b) 35% interest for a cumulative 90% interest in total in the Project by fulfilling 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 acquire an aggregate of 2,300,000 common shares in the capital 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 exercisable for a five-year term expiring September 14, 2027.
About Global Battery Metals Ltd.
GBML is a mineral exploration company with a focus on metals that make up and support the rapid evolution to battery power. GBML's common shares are listed on the TSX Venture Exchange and Frankfurt Stock Exchange and quoted on the OTCQB. GBML currently has five projects: (1) an option to acquire up to a 90% in the North-West Leinster Lithium Property; (2) a 100% interest in the Lithium King Property in Utah; (3) an option to acquire up to a 100% interest in the Lapoile lithium project in Newfoundland; (4) an option to lease the Sawyer Camp prospective nickel-copper project in Michigan; and (5) a 55% stake in Peru-based Lara copper property, which has over 10,000 meters of drilling. As previously disclosed, Minsur S.A., a Peruvian mining company, entered into an option agreement (the "Lara Property Option Agreement") with GBML and Lara Exploration Ltd. to acquire the Lara copper property for staged payments of USD$5.75 million. The Lara Property Option Agreement also provides for a 0.75% net smelter royalty in favor of GBML.
Global Battery Metals Ltd.
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 news release contains certain "forward-looking information" and "forward-looking statements" (collectively "forward-looking statements") within the meaning of applicable securities legislation. All statements, other than statements of historical fact, included herein, without limitation, statements relating the future operations and activities of the Company, are forward-looking statements. Forward-looking statements are frequently, but not always, identified by words such as "expects", "anticipates", "believes", "intends", "estimates", "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, 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 on the date the statements are made and are based upon a number of assumptions and estimates that, while considered 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 be materially different from the results, performance or achievements that are or may be 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. Such factors include, without limitation, the ability to complete proposed exploration work, the ability to exercise further options, the results of exploration, continued availability of capital, and changes in general economic, market and business conditions Readers should not place undue reliance on the forward-looking statements and information contained in this news release concerning these items. Readers are urged to refer to the Company's reports, 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 effects. The Company does not assume any obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change, except as required by applicable securities laws.
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