FE Battery Metals (CSE: FE) (OTCQB: FEMFD) today announced its receipt of an update from SGS metallurgical laboratory, located in Lakefield, Ontario, regarding progress for the ongoing metallurgical testwork on the Augustus Lithium Property. According to the update, the testwork successfully produced a spodumene concentrate with 6.08% lithium oxide (“Li2O”) for the composite samples from the Augustus Property. In addition, the company announced it has closed a non-brokered private placement of 3,707,500 flow-through (“FT”) shares for gross proceeds of $ 2,225,475 by issuing a total of 2,040,000 Quebec FT shares, each at price of $0.625, and 1,667,500 National FT shares, each at a price of $ 0.57. In connection with the private placement, finder’s fees may be paid to eligible parties in accordance with CSE policies. Closing of the proposed private placement is subject to obtaining all required regulatory approvals, including from the CSE.
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About FE Battery Metals Corp
FE Battery Metals is focused on identifying, exploring and advancing early-stage lithium pegmatite projects in Canada. The company’s primary efforts have been on exploration projects located in Quebec, with its flagship property being the Augustus Lithium Property. Augustus is located in the immediate vicinity of Val d’Or, Quebec, where several historical prospects and a previously active lithium mine is located within a 10km radius from the property. North American Lithium mine (“NAL”) and Authier are two notable projects in the area that highlight the potential of the Augustus Lithium Property.
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