FE Battery Metals Corp. Completes Initial Tranche of Private Placement

FE Battery Metals Corp., based in Vancouver, announced the successful closure of the first part of a non-brokered private placement, initially publicized on April 16, 2024. This first tranche brought in $400,000 through the issuance of 1,739,130 common shares at $0.23 per share. Additionally, the company allocated $23,400 as finder's fees, representing 6% of the funds raised. The finalization of the private placement awaits approvals from the Canadian Securities Exchange and other regulatory bodies. Securities issued are bound by a statutory hold period of four months and a day.

The capital raised in this tranche will support general working capital needs and further exploration activities on the company's Quebec properties. Moreover, FE Battery Metals has granted incentive stock options to some directors, officers, and consultants, allowing them to acquire up to 1,200,000 common shares at $0.18 each, valid for two years. This grant too is subject to the four-month hold period and must receive Canadian Securities Exchange approval.