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Cruz Battery Metals Corp. (CSE: CRUZ) has announced the completion of its latest private placement financing. This initiative, originally disclosed on October 23, has led to the issuance of nearly 15 million units priced at $0.0326 each, generating gross proceeds of approximately $488,438. Each unit consists of one common share and a transferable share purchase warrant. The warrants grant investors the right to purchase additional shares at $0.05 each over a five-year period.
Table of Contents:
Details of the financing and use of proceeds
In this financing round, the company has allocated $26,210 for cash finder’s fees and issued 744,000 non-transferable share purchase warrants, referred to as Finder’s Warrants. These warrants provide holders the opportunity to purchase shares at a price of $0.05 each, valid for two years from the closing date. The securities issued in this financing will be subject to a statutory hold period lasting four months and one day from the deal’s closing.
Funding allocation for future work
The net proceeds from this financing are strategically designated to support work programs on Cruz’s lithium projects in Nevada and its gold/copper project in Ontario. During the initial four phases of drilling at the Solar Lithium Project, which is adjacent to American Lithium Corp., the company has successfully identified lithium in all 14 drill holes.
Market context and future expectations
James Nelson, President of Cruz Battery Metals, noted a bullish climate for lithium as prices have reached yearly highs. This increase follows significant developments, including President Trump’s recent investment in Lithium Americas’ Thacker Pass Lithium Mine in Nevada. Nelson is optimistic about the renewed investor interest in the lithium sector. He sees this as an opportune time to advance their work on the Solar Lithium Project, with plans to publish a maiden resource estimate in the near future.
Strengthening operational capacity
The financing will significantly enhance Cruz Battery Metals’ working capital, providing the flexibility to initiate preliminary work programs on the Sterling South Gold/Copper Project. This project is adjacent to Sterling Metals Corp.’s recent discoveries in Ontario. The management team expresses enthusiasm about the company’s growth trajectory as it prepares to increase operational activities.
As Cruz Battery Metals looks ahead to future opportunities, the company is committed to maximizing the potential of its projects, which encompass not only lithium but also gold and copper. With a diverse portfolio of valuable resources, the company is well-positioned to meet the rising demand for battery metals.
About Cruz Battery Metals Corp.
Cruz Battery Metals Corp. is focused on the exploration and development of projects abundant in battery metals within the United States. The company’s portfolio includes the extensive 4,938-acre Solar Lithium Project, alongside significant holdings such as the 240-acre Clayton Valley Lithium Brine Project and the newly acquired Central Clayton Valley Lithium Brine Project, which encompasses 580 acres. Additionally, the Sterling South Gold/Copper Project spans approximately 2,500 acres across 42 claims in Ontario, while the company also possesses the Idaho Cobalt Belt Project, covering 124 acres.
Management emphasizes that past exploration results from nearby properties do not guarantee similar outcomes for Cruz’s projects. As the company advances, Cruz Battery Metals remains committed to transparency and investor engagement, encouraging interested parties to join their news distribution list for continuous updates.
For the latest updates from Cruz Battery Metals, please contact us via email at [email protected].
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