Battery Mineral Resources (TSX.V: BMR) (OTCQB: BTRMF), a battery minerals company providing shareholders exposure to the global megatrend of electrification, announced the first closing of its private placement. The placement includes senior unsecured convertible debentures totaling gross proceeds of $1,370,000; the company anticipates using the proceeds for working capital and the restart of copper concentrate production at its Punitaqui copper project in Chile. According to the announcement, the company is planning an additional closing with respect to the private placement.
The announcement also noted that Battery Mineral Resources is progressing toward securing the balance of the capital required for the restart; total capital required for the restart is forecast to be approximately $13 million, prior to corporate costs and other asset holding costs and inclusive of amounts to be raised in the private placement. “The advancement of the Punitaqui Project towards a resumption of mine operations and copper concentrate production is absolutely the right choice for our shareholders in terms of setting the stage for increasing shareholder value,” said Battery Mineral Resources CEO Martin Kostuik in the press release. “The first closing of the debentures offering and the consolidation of our existing debt is an important step towards enabling the restart.”
To view the full press release, visit https://ibn.fm/mgHPx
About Battery Mineral Resources Corp.
Battery Mineral Resources is a battery minerals company providing shareholders exposure to the global megatrend of electrification while being focused on growth through cash flow, exploration and acquisitions in favorable mining jurisdictions. Battery Mineral’s mission is the discovery, acquisition and development of battery metals (namely cobalt, lithium, graphite and copper) in North America, South America and South Korea, and to become a premier and responsible supplier of battery minerals to the electrification marketplace. BMR is currently pursuing a near-term resumption of operations of the Punitaqui Mining Complex, a past copper-gold producer in the Coquimbo region of Chile. BMR is the largest mineral claim holder in the historic Gowganda Cobalt-Silver Camp in Ontario, Canada, and continues to pursue a focused program to build on the recently announced, 1-million-pound-plus high-grade cobalt resource at McAra. In addition, Battery Mineral owns 100% of ESI Energy Services Inc., a profitable mainline pipeline and renewable energy equipment rental and sales company with operations in Alberta, Canada, and the state of Arizona. For more information about the company, visit www.BMRCorp.com.
NOTE TO INVESTORS: The latest news and updates relating to BTRMF are available in the company’s newsroom at https://ibn.fm/BTRMF
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