Victory Battery to issue one million shares for debt

May 3, 2023

2023-05-02 18:13 ET – News Release

Mr. Mark Ireton reports

VICTORY BATTERY METALS CORP. ANNOUNCES CLOSING OF ACQUISITION OF GEORGIA LAKE CLAIMS AND SHARES FOR DEBT TRANSACTION WITH PLATEAU VENTURES LLC

Victory Battery Metals Corp. and an arm’s-length creditor have entered into an agreement for payment of indebtedness in the aggregate total of $65,000 through conversion of such debt into common shares of the corporation. Pursuant to the Shares for Debt Transaction, the Corporation will issue an aggregate of 1,000,000 Common Shares, at a deemed price of $0.065 per Common Share to Plateau Ventures LLC, based on successful drilling achievements. The proposed shares for debt settlement is subject to the approval of the Canadian Securities Exchange.

The Corporation is also pleased to announced that the Corporation has closed on an option agreement dated April 11, 2022, with Yeomans Geological Inc. (“Yeomans”), pursuant to which it acquired a 100 per-cent ownership interest in various minerals claims located in the Lake Jean Area of Ontario.

The Corporation will have the right to purchase one-half of the Net Smelter Royalty (1% of Net Smelter Return) at any time upon the payment of $1,000,000 (the “Buydown Amount”). Following the payment of the Buydown Amount, the Royalty is reduced to 1% of the Net Smelter Returns. The Corporation will have the right to purchase up to an additional one quarter of the NSR (0.5% NSR) on the basis of $1,000,000 and in doing so and having paid to Yeomans $2,000,000 will leave Yeomans with the remaining 0.5% NSR. The Corporation will retain a first right of refusal to purchase any remaining NSR owned by Yeomans.

The Corporation will pay a total of $250,000 and issue 5,076,923 Common Shares at a deemed price of $0.065 per share, in accordance with the terms of the Agreement. The transaction is arm’s length, and the Corporation is not paying any finders’ fees in connection therewith.

The Common Shares issued on both transactions will be subject to a four month hold period.

About Victory Battery Metals

VICTORY BATTERY METALS (CSE: VR) is a publicly traded diversified investment corporation with mineral interests in North America. The Company is also actively seeking other exploration opportunities.

We seek Safe Harbor.

https://www.victorybatterymetals.com/