Mining Discovery

Patriot Announces Closing of $20M Flow-Through Financing


Patriot Battery Metals Inc. (TSX-V: PMET) (OTCQB: PMETF) (FSE: R9GA) is pleased to announce that it has completed a private placement of 1,507,170 charity flow-through common shares at a price of $13.27 per FT Share for aggregate gross proceeds of $20,000,145.90. The FT Shares are subject to a statutory hold period of four months and one day from the date of issuance.

Blair Way, President and CEO, comments: “I am very pleased to be completing this significant financing for the Company at such a great premium. Our war chest is topped up again and we are fully funded to undertake our winter and spring drill program for the Corvette project. We will continue to drill out the CV5 corridor and explore the other lithium pegmatite outcrop clusters identified on the property.”

The gross proceeds received by the Company from the sale of the FT Shares will be used to incur Canadian exploration expenses (CEE) that are flow-through mining expenditures (as such terms are defined in the Income Tax Act (Canada)) and that qualify for the federal 30% Critical Mineral Exploration Tax Credit announced in the federal budget on April 7, 2022. The Company will renounce such expenditures to the subscribers effective December 31, 2022.

In connection with the Offering the Company paid fees commensurate with such a raising, including 6% fees in cash and 6% in broker warrants on a portion of the financing. Therefore, the Company paid a commission of (i) CAD $454,216.77; and (ii) 71,530 broker warrants, each such warrant entitling the holder to obtain one common share of the Company at a price of $6.35 per Broker Warrant (the deemed issue price), for a period of 24 months from the closing of the Offering.

This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.


About Patriot Battery Metals Inc.

Patriot Battery Metals Inc. is a mineral exploration company focused on the acquisition and development of mineral properties containing battery, base, and precious metals.

The Company’s flagship asset is the Corvette Property, located proximal to the Trans-Taiga Road and powerline infrastructural corridor in the James Bay Region of Québec. The land package hosts significant lithium potential highlighted by the CV5-1 spodumene pegmatite corridor with drill intercepts of 1.22% Li2O and 138 ppm Ta2Oover 152.8 m (CV22-030), and 2.22% Li2O and 147 ppm Ta2O5 over 70.1 m, including 3.01% Li2O and 160 ppm Ta2O5 over 40.7 m (CV22-017). Additionally, the Property hosts the Golden Gap Trend with grab samples of 3.1 to 108.9 g/t Au from outcrop and 10.5 g/t Au over 7 m in drill hole, and the Maven Trend with 8.15% Cu, 1.33 g/t Au, and 171 g/t Ag in outcrop.

The Company also holds 100% ownership of the Freeman Creek Gold Property in Idaho, USA which hosts two prospective gold prospects – the Gold Dyke Prospect with a 2020 drill hole intersection of 4.11 g/t Au and 33.0 g/t Ag over 12 m, and the Carmen Creek Prospect with surface sample results including 25.5 g/t Au, 159 g/t Ag, and 9.75% Cu.

The Company’s other assets include the Pontax Lithium-Gold Property, QC; and the Hidden Lake Lithium Property, NWT, where the Company maintains a 40% interest, as well as several other assets in Canada.

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