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Battery Mineral Resources Corp. Announces Closing of Oversubscribed Flow-Through Private Placement
Vancouver, British Columbia--(Newsfile Corp. - September 29, 2021) - Battery Mineral Resources...
About this update from Battery Mineral Resources Corp
[{"type":"text","content":"Battery Mineral Resources Corp. Announces Closing of Oversubscribed Flow-Through Private PlacementVancouver, British Columbia--(Newsfile Corp. - September 29, 2021) - Battery Mineral Resources Corp. (TSXV: BMR) (\"Battery\" or the \"Company\") is very pleased to announce that it has completed the second and final tranche of its oversubscribed, non-brokered private placement (the \"Placement\") announced on August 23, 2021.In the second and final tranche of its placement, the Company issued 961,539 common shares in the capital of the Company on a flow-through basis (each, a \"Flow-Through Share\") at a price of $0.78 per Flow-Through Share to raise gross proceeds of $750,000. The private placement was originally announced for the amount of $800,000. However, due to increased investor demand, the total raised increased from $800,000 to $1,306,800, in aggregate. These funds will be used to finance the continuation of the Company's 2021 Canadian exploration programs in Ontario. In connection with the second tranche of the Placement, the Company will pay a finder's fee to GloRes Securities Inc. consisting of a cash commission of $45,000, being 6% of the proceeds GloRes raised for the Company. CEO Martin Kostuik commented, \"We are especially pleased to close this round of financing that was not only oversubscribed but also at a price higher than the current market. We are grateful that these investors value the underlying potential that BMR has in delivering direct exposure to the ever-increasing upside and future of electric vehicles via the battery related materials in our asset base - commodities that we look forward developing on the back of the potentially near-term cash flowing Punitaqui Mine.\"The gross proceeds from the Placement will be used for \"Canadian exploration expenses,\" and will qualify as \"flow-through mining expenditures\" as those terms are defined in the Income Tax Act (Canada), which will be renounced to the initial purchasers of the Flow-Through Shares with an effective date no later than December 31, 2021 in an aggregate amount not less than the gross proceeds raised from the issue of the Flow-Through Shares. The Flow-Through Shares are subject to a statutory hold period expiring four months and one day from the closing date of the second tranche of the Placement.The continuation of the 2021-2022 exploratio...