FE Battery Metals Corp. (CSE:FE)(OTCQB:FEMFF)(WKN:A2JC89) is pleased to announce it has closed the first tranche of the non-brokered private placement previously announced on April 16, 2024, for gross proceeds of up to $1,000,000. As part of the closing the first tranche, the Company will issue 1,739,130 common shares at a price of $0.23 cents per share for gross proceeds of $400,000 and will pay 6% in finders' fees of $23,400.
Final closing of the private placement is subject to obtaining all required approvals, including from the CSE, and any other regulatory approval. All securities issued in connection with the private placement will be subject to a statutory hold period of four months plus a day from the date of issuance in accordance with applicable securities legislation.
The proceeds from the private placement will be used for general working capital and to its further exploration efforts on its properties located in Quebec.
The Company has also granted incentive stock options to certain directors, officers, and consultants to purchase up to an aggregate of 1,200,000 common shares under the Company's Incentive Stock Option Plan. The options will be exercisable for a period of two (2) years, at an exercise price of $0.18 per share. The stock option grant will be subject to a four-month hold period and is subject to Canadian Securities Exchange approval.
