Grid Metals Corp. Adds Ordinary Flow-Through Shares to Financing

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TORONTO, ON / ACCESSWIRE / December 4, 2023 / Grid Metals Corp. (TSXV:GRDM)(OTCQB:MSMGF) ("Grid" or the "Company") announces that it is amending the terms of its non-brokered financing previously announced in its press release dated November 29, 2023. The Company is amending the financing to also include ordinary flow-through common shares ("Ordinary Flow-Through Shares") as well as the previously announced Special (Charity) Flow-Through Shares (the "Offering"). The Offering in total will be for a maximum of 30,000,000 common shares which is unchanged. However, the Offering will now consist of any combination of Special Flow-Through Shares and Ordinary Flow-Through Shares of the Company. The Ordinary Flow-Through Shares will be priced at $0.14 per share and the Special Flow-Through Shares will be priced at C$0.18 per share for aggregate proceeds of up to C$5,400,000.

Each Ordinary Flow-Through Share and each Special Flow-Through Share will be issued as a "flow-through share" within the meaning of the Income Tax Act (Canada). The exact number of Ordinary Flow-Through Shares and Special (Charity) Flow-Through Shares sold will be determined prior to the closing of the Offering.

The financing will enable qualified investors to participate in the critical metals flow-through financing to fund the exploration of the Company's 75% owned Donner Lake Lithium Property and the Company's 100% Falcon West Lithium Property for which the Company recently received an exploration drill permit.

The proceeds from the issuance of the Ordinary Flow-Through Shares and the Special Flow-Through Shares will be used for exploration of the Company's property portfolio in Manitoba and will be used to incur "Canadian exploration expenses" ("Qualifying Expenditures") as defined in subsection 66.1(6) of the Income Tax Act. The Ordinary Flow-Through Shares and Special Flow-Through Shares will be eligible for the 30% Manitoba Mineral Exploration Tax Credit and will also qualify for the federal 30% Critical Mineral Exploration Tax Credit announced in the federal budget on April 7, 2022. All proceeds will be renounced in favour of the subscribers with an effective date not later than December 31, 2023, in the aggregate amount of not less than the total amount of gross proceeds raised from the issue of the Ordinary Flow-Through Shares and the Special Flow-Through Shares.