Global Battery Metals strengthens lithium project interests with North-Wlest Leinster property option exercise.
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).
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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.
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Global Battery Metals Strengthens Lithium Project Interests with North-West Leinster Property Option Exercise, Vancouver, British Columbia, September 20, 2022
