Grid Battery Announces Record and Effective Date for Spin-Out of AC/DC Battery Shares

Grid Battery Metals Inc. confirmed that April 25, 2024, will serve as the record date for its shareholder distribution of AC/DC Battery Metals common shares, with a following payment date on April 26, 2024. On this effective date, shareholders registered on the record date will receive 0.05 AC/DC common shares for each Grid share they own. This distribution totals 9,414,040 AC/DC shares on a pro rata basis, adjusted for fractional shares which will be rounded to the nearest whole number.

Approval for the spin-out was obtained through shareholder voting on April 9, 2024, and a final court order from the Supreme Court of British Columbia on April 12, 2024. The completion remains contingent on final approvals from the TSX Venture Exchange, which is anticipated by April 22, 2024.

AC/DC Battery Metals, acquiring the Nickel Properties from Grid under an amended plan of arrangement, is also aiming for a listing on the TSX Venture Exchange, with more details forthcoming in a future news release.