Brief: Patriot Battery Metals Announces C$109M Investment And MoU With Albemarle

PMET Resources

31/07/2023 23:55

Aug 1 (Reuters) - Patriot Battery Metals Inc  PMET.V :
    * PMT ANNOUNCES C$109M INVESTMENT AND MOU WITH ALBEMARLE
    * ENTERED INTO SUBSCRIPTION AGREEMENT WITH RESPECT TO
PRIVATE
PLACEMENT OF C$109 MILLION IN PATRIOT BY ALBEMARLE CORPORATION
    * ALBEMARLE WILL SUBSCRIBE FOR AN AGGREGATE OF 7.1 MILLION
COMMON
SHARES OF CO AT A PRICE OF C$15.29 PER SHARE
    * UPON CLOSING OF  INVESTMENT, ALBEMARLE WILL OWN 4.9% OF
PATRIOT'S ISSUED AND OUTSTANDING COMMON SHARES
    * PROCEEDS FROM STRATEGIC INVESTMENT WILL BE USED TO
ACCELERATE
DEVELOPMENT ACTIVITIES AT CO'S CORVETTE LITHIUM PROJECT
    * AT CLOSING OF STRATEGIC INVESTMENT, PATRIOT WILL ENTER
INTO A
NON-BINDING MOU WITH ALBEMARLE
    * STRATEGIC INVESTMENT IS EXPECTED TO CLOSE ON OR BEFORE
AUGUST 4,
2023
    * MOU TO STUDY VIABILITY OF  DOWNSTREAM LITHIUM HYDROXIDE
PLANT IN
 CANADA OR THE UNITED STATES, AMONG OTHERS

Source text for Eikon:  ID:nASX2nwdFX 
Further company coverage:  PMET.V 

 ((Reuters.Briefs@thomsonreuters.com;))