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Battery Mineral Resources Corp. Announces $1 Million Flow-Through Private Placement
Vancouver, British Columbia--(Newsfile Corp. - June 17, 2021) - Battery Mineral Resources Corp. ("Battery" or the "Company") (TSXV: BMR) is pleased to announce
About this update from Battery Mineral Resources Corp
[{"type":"text","content":" Vancouver, British Columbia--(Newsfile Corp. - June 17, 2021) - Battery Mineral Resources Corp. (\"Battery\" or the \"Company\") (TSXV: BMR) is pleased to announce that it intends to complete a non-brokered private placement to raise gross proceeds of up to $1,000,000 (the \"Offering\") through the issuance of up to 1,388,888 common shares in the capital of the Company issued on a flow-through basis (each, a \"FT Share\") at a price of $0.72 per FT Share. These funds will be used to finance the continuation of the Company's 2021 Canadian exploration programs in Ontario and Quebec. The FT Shares will qualify as \"flow-through shares\" for purposes of the Income Tax Act (Canada). FT Shares sold to investors who are resident in Quebec will qualify as \"flow-through shares\" for the purposes of the Taxation Act (Québec), with proceeds used to incur qualifying exploration expenditures on the Company's Fabre Project in Quebec. Gross proceeds raised from investors resident outside of Quebec will be used to incur qualifying exploration expenditures on the Company's Ontario Cobalt District projects, including Elk Lake, McAra, Gowganda, Wilder, Shining Tree and White Reserve (Figure 1). Closing of the Offering is expected to occur on or about June 30, 2021. FT Shares issued in connection with the Offering will be subject to a statutory hold period of four-months and one day. Completion of the Offering is subject to a number of conditions, including without limitation, receipt of TSX Venture Exchange (\"TSXV\") approval. Finder's fees may be paid to eligible finders in accordance with the policies of the TSXV consisting of a cash commission equal up to 6% of the gross proceeds raised under the Offering. The continuation of the 9,000 meter 2021 program will focus on the Gowganda and Fabre projects. In Gowganda, specifically, Gowganda East and Kilpatrick, the holes will target the horizon which is upper contact of the Diabase along the eastern limb of the Nipissing Diabase Sill. Historically this contact was the principal ore host in the Gowganda Camp which produced 60.1 million ounces silver & 1.3 million pounds of cobalt from 1910 - 1989. In addition, target identification using geophysics has proven valuable. Three Dimensional Induced-Polarization (\"3D-IP\") surveys at Kilpatrick and most recently at Gowganda East have identified hi...