Grid Battery Metals Announces Shareholder Meeting Results and Strategic Developments

COQUITLAM, BC - Grid Battery Metals Inc. (Grid) has successfully completed its Annual General and Special Meeting, held on April 9, 2024. The company reports that shareholders have approved all proposals with a 99% favorable vote, including the notable plan of arrangement for spinning out 9,414,040 common shares of its subsidiary, AC/DC Battery Metals Inc., into standalone ownership. This strategic move is aimed at focusing Grid on its lithium projects in Nevada, while AC/DC will concentrate on nickel properties in British Columbia.

Grid’s President & CEO, Tim Fernback, emphasized the significance of nickel in the renewable energy and electric vehicle sectors, highlighting the proximity of their properties to one of the world's largest nickel deposits. He expressed confidence that focusing on their lithium projects and the spin-out initiative would significantly benefit shareholders. Besides the approval of the arrangement, shareholders also re-elected the company's directors and appointed the audit committee for the upcoming year.

The company also received approval for AC/DC's matters such as the re-appointment of auditors, adoption of a stock option plan, and a private placement of 40,000,000 units. Conditional approvals from the Exchange and interim Court approval for the arrangement have been granted, with plans to finalize in the coming weeks.