From AFRChemicalsgiant buys into Patriot Battery Metals
JoshuaPeach
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Lithium play Patriot battery metalshas entered a $C109 million ($123 million) private placement with NYSE-listedchemicals giant Albemarle.
Albemarle will subscribe for justover 7 million of Patriot Battery Metals TSX-V-listed shares at $C15.29 apiece,which represents a 7 per cent premium to the company’s most recent closingprice.
Once closed, Albemarle will hold a4.9 per cent stake in the lithium explorer on a fully-diluted, in-the-moneybasis.
“I believe both Patriot and Albemarle can be a big part ofbuilding out the required front-end to the lithium chemicals supply chain inNorth America and Europe over the coming years,” chief executive Blair Way said in an announcement.
“Theadditional funding will allow us to more aggressively advance the Corvetteproperty through drilling, permitting, study work and more,” Way said.
From AFRChemicalsgiant buys into Patriot Battery...
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