Business
Battery Mineral Resources Announces Upsizing of Convertible Debenture Private Placement from C$5 Million to C$10 Million
Vancouver, British Columbia--(Newsfile Corp. - March 1, 2022) - Battery Mineral Resources Corp...
About this update from Battery Mineral Resources Corp
[{"type":"text","content":"Battery Mineral Resources Announces Upsizing of Convertible Debenture Private Placement from C$5 Million to C$10 MillionVancouver, British Columbia--(Newsfile Corp. - March 1, 2022) - Battery Mineral Resources Corp. (TSXV: BMR) (OTCQB: BTRMF) (\"Battery\" or \"BMR\" or the \"Company\") is pleased to announce that it has upsized its non-brokered private placement of 8% unsecured convertible debentures (the \"Debentures\"). The Company is now offering Debentures resulting in total gross proceeds of up to C$10 million, up from the previously announced C$5 million. The offering is now expected to close on or around March 31, 2022 and may close in one or more tranches. The offering was previously announced in the Company's news releases of January 14, 2022, January 24, 2022, and February 14, 2022.As previously announced, the proceeds from the initial Debentures will be used to fund an extension of the successful 2021 phase 1 exploration drilling program at the Company's recently acquired Punitaqui copper project in Chile (\"Punitaqui\") and for general working capital purposes. Proceeds from the additional C$5 million generated from the upsizing of the Debentures are intended to be used to re-commence operations at Punitaqui. The Company is currently exploring interest from parties to supply the balance of the cost, estimated at C$20 million, via additional and non-dilutive avenues. Battery CEO Martin Kostuik on the offering and the Punitaqui project: \"On the heels of recently announced successful drilling results from the extension of our 2021 drilling at Punitaqui, the upsizing of the Debenture offering shows the strong support we have from our current investor base and is directly in line with our intentions of funding Punitaqui into sustainable copper production targeted to begin in the second half of this year.Proceeds of this re-start capital will be used to advance early production preparation activities including securing definitive agreements with mine contractors, securing equipment, and for definition drilling to be used for final adjustments to mine designs and production schedules. We look forward to providing further exciting project announcements as we advance toward the 2022 resource update and technical report and the potential near term resumption of copper concentrate production and cash flow at Punitaqui.\"The De...