Battery X Metals Announces Grant of Restricted Share Units

Rhea-AI Summary

Battery X Metals (OTCQB:BATXF) has announced the grant of 1,794,000 restricted share units (RSUs) to directors, officers, and consultants, effective January 1, 2025. The RSUs will vest in four equal tranches of 25% each: on May 2, 2025, six months, nine months, and twelve months from the grant date.

The company confirmed that equity grants under their Equity Incentive Plan, combined with these RSUs, will not exceed 5% of outstanding shares for individuals or 10% total in the next 12 months. All securities are subject to a four-month statutory hold period. The RSU grants to Massimo Bellini Bressi and Martino Ciambrelli qualify as related party transactions but are exempt from valuation and minority shareholder approval requirements under MI 61-101.

Positive

• None.

Negative

• Potential shareholder dilution through issuance of 1,794,000 RSUs
• Accelerated timeline for insider RSU grants implementation, requiring immediate execution

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

VANCOUVER, BC / ACCESSWIRE / January 2, 2025 / Battery X Metals Inc. (CSE:BATX)(OTCQB:BATXF)(FSE:R0W, WKN:A3EMJB)("Battery X Metals" or the "Company") announces that it has granted a total of 1,794,000 restricted share units ("RSUs") to certain directors, officers and consultants of the Company, effective January 1, 2025 (the "Date of Grant"), outside of its Equity Incentive Plan dated May 7, 2024 (the "Plan")

The RSUs shall vest as follows:

• 25% of the RSUs shall vest on May 2, 2025;

• 25% of the RSUs shall vest on the date that is six (6) months from the Date of Grant;

• 25% of the RSUs shall vest on the date that is nine (9) months from the Date of Grant; and

• 25% of the RSUs shall vest on the date that is twelve (12) months from the Date of Grant.

The Company confirms that, in accordance with Section 6.5(6)(a)(ii) of Canadian Securities Exchange Policy 6, equity grants issued under the Plan, together with the RSUs granted outside of the Plan, will not be greater than 5% of the issued and outstanding shares at the time of adoption as applying to an individual, or 10% in total in the next 12 months.

All securities are subject to a statutory hold period of four months and one day from the Date of Grant, in compliance with applicable stock exchange policies.

The RSU grants to Massimo Bellini Bressi and Martino Ciambrelli (the "Insider RSU Grants") are "related party transactions" within the meaning of Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions ("MI 61-101"). The Insider RSU Grants are exempt from the valuation requirement of MI 61-101 by virtue of the exemptions contained in Section 5.5(b) of MI 61-101 as the Company's common shares are not listed on a specified market and from the minority shareholder approval requirements of MI 61-101 by virtue of the exemption contained in section 5.7(1)(a) of MI 61-101 in that the fair market value of the Insider RSU Grants do not exceed 25% of the Company's market capitalization. As the material change report disclosing the Insider RSU Grants is being filed less than 21 days before the transaction, there is a requirement under MI 61‐101 to explain why the shorter period was reasonable or necessary in the circumstances. In the view of the Company, it is necessary to immediately grant the Insider RSU Grants and therefore, such shorter period is reasonable and necessary in the circumstances to provide appropriate incentives for the award recipients.

About Battery X Metals Inc.

Battery X Metals (CSE:BATX)(OTCQB:BATXF)(FSE:R0W, WKN:A3EMJB) is committed to advancing the global clean energy transition through the development of proprietary technologies and domestic battery and critical metal resource exploration. The Company focuses on extending the lifespan of electric vehicle (EV) batteries, through its portfolio company, LIBRT¹, recovering battery grade metals from end-of-life lithium-ion batteries, and the acquisition and exploration of battery and critical metals resources. For more information, visit batteryxmetals.com.

¹49% owned Portfolio Company

On Behalf of the Board of Directors

Massimo Bellini Bressi, Director

For further information, please contact:

Massimo Bellini Bressi
Chief Executive Officer
Email: mbellini@batteryxmetals.com
Tel: (604) 741-0444

Disclaimer for Forward-Looking Information

This news release contains forward-looking statements within the meaning of applicable securities laws. Forward-looking statements in this release include, but are not limited to, statements regarding the Company's objectives, business strategies, and future plans, including the granting of RSUs, the vesting of such RSUs and compliance with securities laws. These forward-looking statements are based on management's current expectations and assumptions, which are subject to risks, uncertainties, and other factors that could cause actual results to differ materially from those expressed or implied. Risks include, but are not limited to, changes in market conditions, regulatory risks, the inability to achieve regulatory compliance or approvals, reliance on key personnel, and the risk factors set forth in the Company's filings on SEDAR+. Forward-looking statements are made as of the date of this release, and Battery X Metals disclaims any obligation to update or revise them to reflect new events or circumstances, except as required by law. Investors are cautioned not to place undue reliance on these forward-looking statements.

SOURCE: Battery X Metals

View the original press release on accesswire.com

FAQ

How many RSUs did Battery X Metals (BATXF) grant on January 1, 2025?

Battery X Metals granted 1,794,000 restricted share units (RSUs) to directors, officers, and consultants on January 1, 2025.

What is the vesting schedule for BATXF's January 2025 RSU grant?

The RSUs will vest in four equal portions of 25% each: on May 2, 2025, at six months, nine months, and twelve months from the grant date.

What are the equity grant limits set by Battery X Metals (BATXF) for the next 12 months?

Battery X Metals set limits of 5% of outstanding shares for individual grants and 10% total for all equity grants under the Plan and RSUs combined.

How long is the statutory hold period for BATXF's January 2025 RSU grants?

The RSU grants have a statutory hold period of four months and one day from the January 1, 2025 grant date.