Grid Battery Metals Gears Up for Nickel Project Spin Off

“We've recently updated the 43-101 report for the nickel project with regards to the spin out. The plan will be, in the first calendar quarter, to affect the spin out, list the company, raise additional capital and then have that project fully funded,” Grid Battery Metals President and CEO Tim Fernback said.

Grid Battery Metals (TSXV:CELL,OTCQB:EVKRF,FWB:NMK2) announced the fourth phase of exploration plans for its nickel project in BC, which will be carried out by its planned spin-out company and wholly owned subsidiary, AC/DC Battery Metals.

According to President and CEO Tim Fernback, the company’s plan to spin out the nickel project is a win-win for shareholders, who will have two public companies essentially for the price of one.

“With our success in lithium mining, we really want to bifurcate that company so that the nickel project gets its due and gets its specific resources applied to it. That's why we're spinning out the nickel project. Each current Grid shareholder will get a proportionate share in that project going forward at no additional cost,” Fernback explained.

“There's about C$300,000 worth of work that we want to finish off the fourth phase of our exploration there. Once we've done that, then we'll go into more of a drilling program," he added.

Grid Battery Metals' nickel project in BC consists of five claim blocks in three groups — Hard Nickel Center, Hard Nickel 3 and Hard Nickel South — in the area surrounding Mount Sidney Williams, close to FPX Nickel's (TSXV:FPX,OTCQB:FPOCF) Decar project and Baptiste deposit.

Watch the full interview with Grid Battery Metals President and CEO Tim Fernback above.

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