Grid Battery Closes Disposition with Surge Battery of its Nickel Project

Coquitlam, BC – June 14, 2023- Grid Battery Metals Inc. (“formerly Nickel Rock Resources Inc.”) (the “Company” or “Grid Battery”) (TSXV: CELL, OTCQB: EVKRF FRA: NMK2) announces that, further to its news release dated April 3, 2023, the Company has now closed the “related party” transaction and disposed of a 100% interest in the Nickel Project.

 

As disclosed in the April 3, 2023 news release the Company entered into an Option Agreement with Surge Battery Metals Inc. (“Surge”) dated March 31, 2023 (the “Agreement”), whereby Surge was granted the option (the “Option”) to acquire the remaining 20% interest in the HN4 and N100 Claims, located in Northern British Columbia.  Surge had previously earned an undivided 80% interest in the Nickel Project.  Three of the claims are subject to 2% NSR, including the HN4 claim and the two southernmost claims of the N100 claim group.

 

As consideration for the transaction, The Company has received 1,000,000 shares of Surge.

Upon exercise of the Option, the Company transferred 100% ownership of the Nickel Project to the Surge. 

 

Pursuant to TSXV Policy 5.9 and Multilateral Instrument 61-101 — Protection of Minority Security Holders in Special Transactions (“MI 61-101“), the Option Agreement constitutes a “related party transaction” due to the fact that the CFO is also the CFO of Surge.  The Company relied on Section 5.5(a) of MI 61-101 for an exemption from the formal valuation requirement and Section 5.7(1)(a) of MI 61-101 for an exemption from the minority shareholder approval requirement of MI 61-101 as the fair market value of the Transaction did not exceed 25% of the Company’s market capitalization.

 

About Grid Battery Metals Inc. 

Grid Battery Metals Inc. is a Canadian based exploration company whose primary listing is on the TSX Venture Exchange.  The Company’s maintains a focus on exploration for high value battery metals required for the electric vehicle (EV) market.  www.gridbatterymetals.com.

About Clayton Valley Lithium Project

The Company owns a 100% interest in 113 lithium lode and placer claims covering over 640 hectares in Clayton Valley. Clayton Valley is a down-dropped closed basin formed by the Miocene age Great Basin extension and is still active due to movement along the Walker Lane structural zone.  As a result, the basin has preserved multiple layers of lithium bearing volcanic ash, resulting from multiple eruptive events over the past 6 million years including eruptions from the 700,000-year-old Long Valley Caldera system and related events.  These ash layers are thought to contribute to the lithium brines extracted by Albemarle and are also likely involved in the formation of the exposed lithium rich clay deposits on the east side of Clayton Valley.

Volt Canyon Lithium Property

The Company owns a 100% interest in 80 placer claims covering approximately 635 hectares of alluvial sediments and clays located 122 km northeast of Tonopah, Nevada.

About the British Columbia, Nickel Projects

The Mount Sidney Williams Group consists of three claim blocks with a total area of 10,569 hectares in the area surrounding Mount Sidney Williams, both adjoining and near the Decar project of FPX Nickel Corp., located 100 kilometres northwest of Fort St. James, B.C., in the Omineca mining division. Metallic mineralization includes nickel, cobalt, and chromium. At least some of the nickel mineralization occurs as awaruite.  The Mitchell Range Group area claim consists of one claim block covering 8,659 hectares with demonstrated metallic mineralization including nickel, cobalt, and chromium. Nickel cobalt mineralization has not been well explored, but the presence of awaruite has been documented.

On Behalf of the Board of Directors

“Tim Fernback”

604-428-5690

Tim Fernback, President & CEO

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. This news release may contain forward-looking statements which include, but are not limited to, comments that involve future events and conditions, which are subject to various risks and uncertainties. Except for statements of historical facts, comments that address resource potential, upcoming work programs, geological interpretations, receipt and security of mineral property titles, availability of funds, and others are forward-looking. Forward-looking statements are not guarantees of future performance and actual results may vary materially from those statements. General business conditions are factors that could cause actual results to vary materially from forward-looking statements.

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