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Battery Mineral Resources Announces Additional Financing
Proceeds to Be Applied Towards the Operations at Punitaqui Project, Chile Vancouver, British Columbia--(Newsfile Corp. - August 16, 2024) - Battery Mineral Reso
About this update from Battery Mineral Resources Corp
[{"type":"text","content":" Proceeds to Be Applied Towards the Operations at Punitaqui Project, Chile Vancouver, British Columbia--(Newsfile Corp. - August 16, 2024) - Battery Mineral Resources Corp. (TSXV: BMR) (OTCQB: BTRMF) (\"Battery\" or \"BMR\" or the \"Company\") is pleased to announce that, on June 26, 2024, the Company was advanced a loan (the \"Loan\") in the amount of US$750,000 (approximately C$1,028,625) by Weston Energy II LLC (\"Weston II\"), a portfolio company operated by Yorktown Partners LLC and an existing shareholder of the Company. The Loan matures on September 24, 2024 and accrues interest at a rate per annum equal to eight percent (8%). The Loan is unsecured and no bonus securities were issued for the Loan. The proceeds from the Loan will be applied towards the operations at the Company's Punitaqui copper project in Chile. The Loan is subject to acceptance by the TSX Venture Exchange. Exchange Rates All USD amounts for which CAD equivalent amounts are given in this news release were calculated at CAD/USD exchange rate of 1.3715, the exchange rate published by the Bank of Canada on August 15, 2024. MI 61-101 Matters Weston II is a \"related party\" to BMR pursuant to pursuant to Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions (\"MI 61-101\"). Prior to giving effect to the transactions disclosed in this news release, Weston II and its affiliates own or control (directly or indirectly) 107,578,740 BMR Common Shares on an undiluted basis and 193,011,575 BMR Common Shares on a diluted basis assuming conversion of all outstanding debentures (representing approximately 59.44% and 70.94%, respectively, of the outstanding BMR Common Shares). The Loan constitutes a \"related party transaction\" for the purposes of MI 61-101. The Loan is exempt from the formal valuation requirements of MI 6-101 as BMR is not listed on a specified market that would require compliance with such formal valuation requirements (as set forth in Section 5.5(b) of MI 61-101). The Loan is further exempt from the minority shareholder approval requirements of MI 61-101 by virtue of the value of the Loan constituting less than 25% of the market capitalization of the Company, and being less than $2,500,000 in any case (as set forth in Sections 5.7(1)(a) and 5.7(1)(b) of MI 61-101). About Battery Mineral Resources Corp. Batt...