United Battery Metals Corp. Announces Completion of Amalgamation

Rhea-AI Summary

United Battery Metals Corp. has completed the amalgamation with its subsidiary, 1263391 B.C. Ltd., and 1257590 B.C. Ltd., as announced on October 14, 2020. Following this transaction, the Company issued a total of 11,500,000 common shares to the shareholders of 125 and 109,965 common shares to the owner of the Barbara Lake Lithium Property. This acquisition allows UBM to indirectly hold an option for acquiring up to 100% of the property, which spans 2,147 hectares in Ontario, Canada.

Positive

• Completion of amalgamation enhances UBM's asset portfolio with the Barbara Lake Lithium Property.
• Issuance of 11,500,000 common shares reflects shareholder confidence in the acquisition.

Negative

• None.

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

VANCOUVER, BC / ACCESSWIRE / October 14, 2020 / United Battery Metals Corp. (CSE:UBM)(OTC PINK:UBMCF)(FRA:0UL) ("UBM" or the "Company") is pleased to announce that the previously-announced (see news release dated September 2, 2020) amalgamation ("Amalgamation") between its wholly-owned subsidiary, 1263391 B.C. Ltd. ("Subco"), and 1257590 B.C. Ltd. ("125") under the Business Corporations Act (British Columbia) has been completed.

The Company issued the following securities in connection with the Amalgamation:

• to the previous shareholders of 125, an aggregate of 11,500,000 common shares of the Company; and

• to the owner of the Barbara Lake Lithium Property ("Property"), 109,965 common shares of the Company.

No finder's fee was paid in connection with the Amalgamation.

Pursuant to the Amalgamation, the Company has indirectly acquired 125's option (the "Option") to acquire up to 100% of the Property, which is comprised of 56 mining cell claims covering approximately 2,147 hectares' land in the Barbara Lake Area, Thunder Bay Mining District, Ontario, Canada, as further described in the Company's September 2, 2020 news release.

ON BEHALF OF THE BOARD OF DIRECTORS

"Michael Dehn"
Chief Executive Officer

For further information, please contact the Company at: (778) 233-3537.
The CSE does not accept responsibility for the adequacy or accuracy of this release.

SOURCE: United Battery Metals Corp.

View source version on accesswire.com:
https://www.accesswire.com/610430/United-Battery-Metals-Corp-Announces-Completion-of-Amalgamation

FAQ

What is the recent amalgamation announcement by United Battery Metals Corp. (UBMCF)?

United Battery Metals Corp. announced the completion of its amalgamation with its subsidiaries on October 14, 2020.

What properties did United Battery Metals Corp. acquire through the amalgamation?

The amalgamation allows United Battery Metals Corp. to indirectly acquire an option for up to 100% of the Barbara Lake Lithium Property in Ontario.

How many shares were issued in connection with the amalgamation by UBMCF?

In total, United Battery Metals Corp. issued 11,500,000 common shares to the former shareholders of one of the amalgamated companies.

What is the size of the Barbara Lake Lithium Property acquired by UBMCF?

The Barbara Lake Lithium Property comprises 56 mining cell claims covering approximately 2,147 hectares.

Was there a finder's fee associated with the amalgamation by United Battery Metals Corp.?

No, there was no finder's fee paid in connection with the amalgamation.