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Battery Mineral Resources Closes Fourth Tranche of Oversubscribed Unsecured Convertible Debenture Financing
Vancouver, British Columbia--(Newsfile Corp. - March 31, 2022) - Battery Mineral Resources Cor...
About this update from Battery Mineral Resources Corp
[{"type":"text","content":"Battery Mineral Resources Closes Fourth Tranche of Oversubscribed Unsecured Convertible Debenture FinancingVancouver, British Columbia--(Newsfile Corp. - March 31, 2022) - Battery Mineral Resources Corp. (TSXV: BMR) (OTCQB: BTRMF) (\"Battery\" or \"BMR\" or the \"Company\") is pleased to announce that it has closed a fourth, and final, tranche (the \"Fourth Tranche\") of its non-brokered private placement of 8% unsecured convertible debentures (the \"Debentures\") previously announced in the Company's news releases of January 14, 2022, January 24, 2022, February 14, 2022, March 1, 2022 and March 17, 2022 (the \"Offering\"). Gross proceeds for the Fourth Tranche total C$2,560,600, which was oversubscribed. Together with the first tranche of the Offering, which closed on January 24, 2022 for gross proceeds of C$3,250,000, the second tranche of the Offering, which closed on February 14, 2022 for gross proceeds of $698,960, and the third tranche of the Offering, which closed on March 17, 2022 for gross proceeds of C$3,865,900, the Company raised an aggregate of C$10,375,460 under the Offering, up from the previously announced $10,000,000 Offering.The proceeds from the initial proceeds of C$5 million of the 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 previously announced 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: \"BMR is highly focused on transforming the company into a cash flowing entity via the resumption of operations at our Punitaqui copper mine in Chile. The conclusion of this financing is a great show of confidence in our path forward and provides the means to reach our next milestone. BMR is a battery metal and electrification-focused company, and remain excited about this sector of the global economy with copper reaching new highs and the widening gap between demand and supply continues. We look forward to...