Announces C$75M Flow-Through Financing
Summary
Patriot is capitalizing on the current advantageous flow through financing conditions by executing a private placement at $14.54 per share for C$75m at a 51% premium to the Companys last traded price on the TSX as of May 17, 2024. Proceeds from the flow through capital raise will be used exclusively on exploration at the Corvette Lithium Project for the period June 2024 to December 2025Patriot Battery Metals Inc. (the Company or Patriot) (TSX: PMET) (ASX: PMT) (OTCQX: PMETF) (FSE: R9GA) is pleased to announce that it has received firm commitments to raise approximately C$75 million (before costs) via a fully subscribed charity flow-through offer of approximately 5.16 million common shares of the Company (Flow-Through Shares) at an issue price of C$14.54 per share to institutional, professional and sophisticated investors (Flow-Through Offering). Euroz Hartleys Limited, Argonaut Securities Pty Limited (Australian Joint Lead Managers), on behalf of a syndicate that includes Bell Potter Securities Ltd. and Foster Stockbroking as Australian co-managers, and Raymond James Ltd., as Canadian sole bookrunner, on behalf of a syndicate that includes BMO Capital Markets and National Bank Financial Inc. as Canadian co-managers, acted as joint lead managers to the transaction (the Canadian Agents, and together with the Australian Joint Lead Managers, the Joint Lead Managers).The Company intends to use the gross proceeds from the sale of the Flow-Through Shares to incur exploration expenses that are eligible Canadian exploration expenses that qualify as flow-through critical mineral mining expenditures as such terms are defined in the Income Tax Act (Canada) (Act), which will be eligible for a federal 30% investment tax credit for any eligible individual investors and, for any individual investor who is resident or subject to tax in the Province of Quebec or any investor which is a partnership of which a partner or limited partner is subject to tax in the Province of Quebec, the incurred exploration expenses will also be eligible for the two 10% additional deductions under the Taxation Act (Qu\xe9bec) (Qualifying Expenses).The closing of the Flow-Through Offering is subject to certain conditions including, but not limited to, approval of the TSX and receipt of all required regulatory and other approvals. In particular and without limitation, this news release contains forward-looking statements pertaining to the Flow-Through Offering, including the approval by the TSX, the closing of the Flow-Through Offering, the conversion of the Flow-Through Shares into CDIs, the sales pursuant to the CDI Block Trade and the sales pursuant to the Shares Block Trade, and the use of proceeds.Forward-looking information is based upon certain assumptions and other important factors that, if untrue, could cause the actual results, performance or achievements of the Company to be materially different from future results, performance or achievements expressed or implied by such information or statements. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except to the extent required by applicable law.