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Battery Mineral Resources Corp. Announces Facility Increase and Maturity Extension of Bridge Loan, Exploration Update on Cinabrio Concessions, and Publication of Inaugural ESG Report
(NewsDirect) Battery Mineral Resources Corp. ( TSXV: BMR ) ( OTCQB: BTRMF ) (“...
About this update from Battery Mineral Resources Corp
[{"type":"text","content":"Battery Mineral Resources Corp. Announces Facility Increase and Maturity Extension of Bridge Loan, Exploration Update on Cinabrio Concessions, and Publication of Inaugural ESG Report\n \n \n (NewsDirect)\n \n \n Battery Mineral\nResources Corp. (\n \n TSXV: BMR\n \n ) (\n \n OTCQB: BTRMF\n \n )\n(“\n \n Battery\n \n ” or “\n \n BMR\n \n ” or the “\n \n Company\n \n ”)\nannounces that it has entered into an amendment to its existing bridge\nloan facility provided by Weston Energy LLC (the “\n \n Lender\n \n ”).\nThe amendment increases the facility size from USD$4,000,000 to\nUSD$5,300,000 and extends the maturity date to September 15, 2023. All\nother terms remain unchanged.\n \n \n Martin Kostuik, BMR CEO and Director stated,\n“Battery is very pleased that our largest shareholder continues to\ndemonstrate their strong support of the company and provide an\nadditional USD$1,300,000 in funding on favorable terms. This funding\nwill assist in the development of the Punitaqui project until project\nfinancing for the restart of production at Punitaqui is procured. The\nCompany intends to use the proceeds of the expanded loan to continue\nadvancing Punitaqui towards restarting sustainable copper concentrate\nproduction, and for additional working capital. We look forward to\nannouncing the funding of the restart of the Punitaqui mine in the\nnear term.”\n \n \n The\nLender has control or direction over securities of the Company\ncarrying more than 10% of the voting rights attached to all of the\nCompany’s outstanding voting securities. Accordingly, the Loan is\nconsidered a related party transaction under the policies of the TSX\nVenture Exchange (the “\n \n TSXV\n \n ”). The Company is exempt from\nthe formal valuation requirement under Multilateral Instrument 61-101\nProtection of Minority Security Holders in Special Transactions\n(“\n \n MI 61-101\n \n ”) as its securities are listed for trading on\nthe TSXV. The Company is also exempt from the minority approval\nrequirement under MI 61-101 as the Loan has been provided on\nreasonable commercial terms that are not less advantageous to the\nCompany than if it were obtained from an arm’s length party.\nFurther, the Loan is not convertible into or repayable in securities\no...