Battery Mineral Resources Corp. Announces First Closing of Previously Announced Offering of up to US$6M in Unsecured Convertible Debentures and Closing of Previously Announced Debt Consolidation

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[{"type":"text","content":"Battery Mineral Resources Corp. Announces First Closing of Previously Announced Offering of up to US$6M in Unsecured Convertible Debentures and Closing of Previously Announced Debt Consolidation\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 a first closing of the private placement (the\n“\n \n Private Placement\n \n ”) of senior unsecured convertible\ndebentures (the “\n \n Debentures\n \n ”), which was previously press\nreleased on October 17, 2023, for gross proceeds of US$1,370,000\n(C$1,871,557). The proceeds from the Debentures will be applied\ntowards working capital and the restart of copper concentrate\nproduction at its Punitaqui copper project in Chile (the\n“\n \n Restart\n \n ”).\n \n \n \n \n The\nCompany anticipates announcing an additional closing with respect to\nthe Private Placement in the near-term. The Company paid a cash\nfinder’s fee equal to 6.0% on US$500,000(C$683,050) of the gross\nproceeds arising from the first closing of the Private Placement for\nan aggregate finder’s fees of US$30,000 (C$40,983).\n \n \n \n \n The Company continues to\nprogress towards securing the balance of the capital required for the\nRestart and anticipates sharing further updates in that respect in the\nfourth quarter of 2023. The Company estimates the total capital\nrequired for the Restart to be approximately US$13 million\n(approximately C$17.8 million) (prior to corporate costs and other\nasset holding costs and inclusive of amounts to be raised in the\nPrivate Placement).\n \n \n \n \n \n Offering Terms (as previously announced in the press release\ndated October 17\n \n \n \n th\n \n \n \n , 2023)\n \n \n \n The Debentures will\nmature on September 30, 2026 (the “\n \n Maturity Date\n \n ”) and will\nbear interest at 10% per annum, compounding annually on September 30\nof each year, not in advance. Interest accrued from the date of\nissuance up to and including March 30, 2025 will be paid by way of\nissuance of common shares of the Company. Interest accrued following\nMarch 30, 2025 will be, at the option of the holder, paid either in\ncash or by ...

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