Patriot Battery completes Australian IPO
Patriot Battery Metals Inc. [PMET-TSXV, PMETF-OTCQB, R9GA-FSE] said Thursday it has successfully completed an initial public offering on the Australian Securities Exchange. The move comes after the company recently lodged a prospectus to raise $3.65 million (AUD$4.2 million) from an offering of 7.0 million CHESS Depository Interests (CDI). Each 10 CDIs represent one fully paid common share for a total of 700,000 underlying common shares priced at AUD$0.60 per CDI.
Patriot said it is now working with the ASX to meet the listing conditions and it is expected that trading in the CDIs (assigned a code of PMT) on the ASX will commence on a normal settlement basis on December 7, 2022.
“Upon completion of the ASX listing, the company expects to receive and review a backlog of assay results, with further announcements expected over the coming weeks,” Patriot said in a press release.
On November 30, 2022, Patriot Battery shares closed at $7.49 and currently trade in a 52-week range of $7.71 and 33 cents.
Thursday’s announcement comes after the company recently released core assay results for 12 additional drill holes from a 2022 campaign at its the Corvette – FCI gold-copper-silver-lithium project in the James Bay Region of Quebec.
The company said the primary drill area is focused on the CV5 Pegmatite, which is located approximately 13.5 kilometres south of the regional and all-weather Trans-Taiga Road and powerline infrastructure, with two drills currently coring.
In an October 12, 2022 news release, the company said a third drill has been active on the CV13 pegmatite cluster for initial drill testing since early September.
Patriot Battery Meals has been targeting the CV Lithium Trend, an emerging spodumene pegmatite district discovered by the company in 2017. It spans more than 25 kilometres across the Corvette Property, covering the FCE West, FCE East and Corvette claim blocks. It consists of numerous spodumene pegmatite occurrences, which include the CV1, CV2, CV3, CV5, CV6, and CV7 pegmatites, highlighted by the CV5 and CV1 Pegmatite.
The company said the primary drill area is focused on the CV5 Pegmatite, which is located approximately 13.5 kilometres south of the regional and all-weather Trans-Taiga Road and powerline infrastructure, with two drills currently coring..
Mineralization along the CV5 Pegmatite corridor (which is exposed over numerous outcrops) is highlighted by the CV5 Pegmatite as well as several adjacent, sub-parallel trending, secondary pegmatite lenses.
The company said drilling continues to return wide and well-mineralized intercepts at depth across the CV5 Pegmatite, highlighted by drill hole CV22-052m which returned 0.97% Li20 over 104.5 metres (124.7 metres to 229.3 metres), including 1.52% Li20 over 51.9 metres, and drill hole CV220040, which returned 1.42% Li20 over 61.9 metres (214.0 metres to 275.9 metres) and 1.01% Li20 over 52 metres (311.0 metres to 363.0 metres).