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Battery Mineral Resources Announces Intention to Issue C$5 Million in Unsecured Convertible Debentures
Vancouver, British Columbia--(Newsfile Corp. - January 14, 2022) - Battery Mineral Resources C...
About this update from Battery Mineral Resources Corp
[{"type":"text","content":"Battery Mineral Resources Announces Intention to Issue C$5 Million in Unsecured Convertible DebenturesVancouver, British Columbia--(Newsfile Corp. - January 14, 2022) - Battery Mineral Resources Corp. (TSXV: BMR) (OTCQB: BTRMF) (\"Battery\" or \"BMR\" or the \"Company\") is pleased to announce that it intends to complete a non-brokered private placement of unsecured convertible debentures (the \"Debentures\") for total gross proceeds of up to C$5 million. The proceeds from the Debentures will be used to fund an extension of the successful 2021 exploration drilling program at the Company's recently acquired Punitaqui copper project in Chile and for general working capital purposes.The Debentures will mature on the date (the \"Maturity Date\") that is three years from the date of issuance. The holder of any Debenture may, at its option, at any time from six months from the date of issuance, and prior to the close of business on the business day immediately preceding the Maturity Date, convert all, but not less than all, of the principal amount of such Debenture into common shares of the Company at the conversion price of C$0.65 per share. The Debentures will bear interest at 8% per annum, compounded annually, from the date of issuance, payable upon the earlier of the date of any conversion thereof and the Maturity Date, by way of issuance of common shares of the Company. If a Debenture is converted as of a date that is on or before the first anniversary date (the \"First Anniversary Date\") that it was issued, interest will be calculated as of the First Anniversary Date, and if a Debenture is converted as of a date that is after the First Anniversary Date but before the second anniversary date (the \"Second Anniversary Date\") that it was issued, interest will be calculated as of the Second Anniversary Date. Common shares issued for payment of accrued interest on the principal amount of the Debenture will be issued at the market price of the common shares at the time the accrued interest becomes payable, calculated in accordance with the policies of the TSX Venture Exchange. If not converted prior to the Maturity Date, the Debentures will automatically convert upon the Maturity Date into common shares of the Company on the same terms as described above.At least one of the proposed purchasers of the Debentures is an insider of the ...