Battery Mineral Resources Corp. Announces Financial Arrangements for the Restart of Production at Punitaqui

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[{"type":"text","content":"Battery Mineral Resources Corp. Announces Financial Arrangements for the Restart of Production at Punitaqui\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 ”)\nis pleased to announce that its wholly-owned subsidiary, ESI Energy\nServices Inc. (“\n \n ESI\n \n ”), has entered into an C$8,000,000\ncredit agreement (the “\n \n Credit Agreement\n \n ”) with Fiera\nEnhanced Private Debt Fund (“\n \n Fiera\n \n ”). ESI has drawn a\nfirst advance of C$5,000,000 under the Credit Agreement and may,\nsubject to the satisfaction of certain conditions, draw a second\nadvance of up to C$3,000,000 before May 15, 2024.\n \n \n \n \n The net proceeds of the\nCredit Agreement will be primarily distributed by ESI to the Company\nfor use towards the restart of copper concentrate production at its\nPunitaqui Project in Chile.\n \n \n \n \n In this regard, personnel hiring for the resumption of full\noperations at Punitaqui remains on schedule. Mine maintenance at the\nSan Andres mine is nearly complete with mine maintenance at the\nCinabrio mine, the original mine which served to supply the Punitaqui\nplant with copper mineralised material for the 10+ years of prior\noperations, is well underway. All activities in the mines and the\nplant which are aimed at full operational commissioning of the plant\nin the near term and plant start-up in Q2 of 2024 are also progressing\nwell.\n \n \n \n \n \n Credit Agreement\nTerms\n \n \n \n \n \n The loans advanced under\nthe Credit Agreement bear interest at a floating prime rate plus an\napplicable margin and will mature on the third anniversary of the\nCredit Agreement. ESI is required to make monthly principal repayments\nbased on a seven-year amortization schedule. ESI anticipates servicing\nits payment obligations under the Credit Agreement out of operating\ncash flows, including from operations of its wholly-owned subsidiary,\nOzzie’s Inc. (“\n \n Ozzie’s\n \n ”).\n \n \n \n \n The obligations of ESI under the Credit Agreement have been\nguaranteed by Ozzie’s and secured by all of the assets of ESI and\nOzzie’s. In addition, ESI’s direct ...

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