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

About this update from Battery Mineral Resources Corp

[{"type":"text","content":"Battery Mineral Resources Corp. Announces Second Closing of Previously Announced Offering of up to US$6M in Unsecured Convertible Debentures\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 second 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\nannounced on October 17, 2023, for gross proceeds of US$1,915,000\n(C$2,660,234). This brings the total amount of new funding raised via\nissuance of the Debentures to US$3,285,000 (C$4,563,377), including\nthe first and second closings. The proceeds from the Debentures will\nbe applied towards working capital and the restart of copper\nconcentrate production at its Punitaqui copper project in Chile (the\n“\n \n Restart\n \n ”). Weston Energy II LLC, an existing shareholder\nof the Company, participated in the second closing in the amount of\nUS$1,815,000 (C$2,479,472).\n \n \n \n \n The Company paid a cash finder’s fee equal to 6% on\nUS$100,000 (C$138,710) of the gross proceeds arising from the second\nclosing of the Private Placement, being US$6,000 (C$8,322.6) in\nfinder’s fees paid in respect of the second closing.\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\n \n \n \n The Debentures will mature on September 30, 2026\n(the “\n \n Maturity Date\n \n ”) and will bear interest at 10% per\nannum, compounding annually on September 30 of each year, not in\nadvance. Interest accrued from the date of issuance up to and\nincluding March 30, 2025, will be paid by way of issuance of common\nshares of the Company. Interest accrued following March 30, 2025, will\n...

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