Aug 1 (Reuters) - Patriot Battery Metals Inc PMET.V :
- PMT ANNOUNCES C$109M INVESTMENT AND MOU WITH ALBEMARLE
- ENTERED INTO SUBSCRIPTION AGREEMENT WITH RESPECT TO PRIVATE PLACEMENT OF C$109 MILLION IN PATRIOT BY ALBEMARLE CORPORATION
- ALBEMARLE WILL SUBSCRIBE FOR AN AGGREGATE OF 7.1 MILLION COMMON SHARES OF CO AT A PRICE OF C$15.29 PER SHARE
- UPON CLOSING OF INVESTMENT, ALBEMARLE WILL OWN 4.9% OF PATRIOT'S ISSUED AND OUTSTANDING COMMON SHARES
- PROCEEDS FROM STRATEGIC INVESTMENT WILL BE USED TO ACCELERATE DEVELOPMENT ACTIVITIES AT CO'S CORVETTE LITHIUM PROJECT
- AT CLOSING OF STRATEGIC INVESTMENT, PATRIOT WILL ENTER INTO A NON-BINDING MOU WITH ALBEMARLE
- STRATEGIC INVESTMENT IS EXPECTED TO CLOSE ON OR BEFORE AUGUST 4, 2023
- MOU TO STUDY VIABILITY OF DOWNSTREAM LITHIUM HYDROXIDE PLANT IN CANADA OR THE UNITED STATES, AMONG OTHERS
News: PMT Patriot Battery Metals Announces C$109M Investment And MoU With Albemarle
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