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Battery Mineral Resources Corp. Announces Agreement to Acquire Punitaqui Copper-Gold Mine and Concurrent Financing of up to C$15,000,000
Vancouver, British Columbia--(Newsfile Corp. - March 8, 2021) - Battery Mineral Resources Co...
About this update from Battery Mineral Resources Corp
[{"type":"text","content":"Battery Mineral Resources Corp. Announces Agreement to Acquire Punitaqui Copper-Gold Mine and Concurrent Financing of up to C$15,000,000Vancouver, British Columbia--(Newsfile Corp. - March 8, 2021) - Battery Mineral Resources Corp. (TSXV: BMR) (\"Battery\" or the \"Company\") is pleased to announce its wholly-owned subsidiary Minera BMR SpA has entered into an agreement with Minera Altos de Punitaqui Limitada (\"MAP\"), a wholly-owned subsidiary of Xiana Mining Inc. (\"Xiana\"), to acquire the Punitaqui Mining Complex, a copper-gold mine located in the Coquimbo region of Chile (the \"Punitaqui Acquisition\"). Overview of MAP Past producing mining operation which consists of an integrated copper and gold mining complex. MAP is fully permitted and includes a centralized process plant which is fed by four satellite copper-gold deposits: San Andres, Cinabrio, Dalmacia, and Los Mantos. The MAP process plant consists of a standard copper sulphide crush-grind-flotation circuit to produce a marketable copper-gold concentrate for domestic and foreign smelters. The MAP plant historically operated at a permitted capacity of 3000 tpd with allowances to 3600 tpd, with a potential capacity of 4,000 tpd to be investigated.MAP is situated within a 25km long mineralized district that is a classic IOCG and mantos style copper belt that is comprised of mantos and structural controlled copper-gold-silver veins. A number of extensional and resource infill drill targets have been identified at each of the 4 deposits. Battery plans to execute a low capital cost restart program after an infill drilling program.Concurrent Financing and Punitaqui Acquisition TermsConcurrent with entering into the agreement with MAP, Battery has commenced a concurrent equity raising of up to C$15,000,000 in common shares of the Company (\"Common Shares\") at a price of C$0.65 per share (the \"Offering\"). Battery intends to use the proceeds of the Offering to: partially finance the Punitaqui Acquisition through the settlement of outstanding obligations due to certain secured and unsecured creditors; to fund exploration, development and restart activities at MAP; to fund exploration activities at the Company's Canadian cobalt-silver projects, and for working capital and general corporate purposes. The issue price of the Common Shares in the Offering has been set at the sam...