Patriot Battery raises C$20 million to continue drilling at its Corvette lithium project
(Kitco News) - Patriot Battery Metals (TSX-V: PMET) said today it has entered into a subscription agreement with PearTree Securities for the issuance of 1,507,170 shares at a price of C$13.27 per share for aggregate gross proceeds of C$20 million.
According to the company’s press-release, the gross proceeds received by the company will be used to continue drilling at the Corvette lithium property, located in the James Bay Region of Québec.
Importantly, Patriot Battery Metals pointed out that these exploration expenses qualify for the federal 30% Critical Mineral Exploration Tax Credit announced in the federal budget on April 7, 2022.
Patriot Battery Metals 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 100% owned 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 1.65% Li2O and 193 ppm Ta2O5 over 159.7 m (CV22-042), 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).
The company also holds 100% ownership of the Freeman Creek gold property in Idaho, USA. 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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