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Battery Mineral Resources Corp. Concludes Agreement to Acquire Punitaqui Copper-Gold Mine and Closes First Tranche of Concurrent Financing
Vancouver, British Columbia--(Newsfile Corp. - May 28, 2021) - Battery Mineral Resources Corp....
About this update from Battery Mineral Resources Corp
[{"type":"text","content":"Battery Mineral Resources Corp. Concludes Agreement to Acquire Punitaqui Copper-Gold Mine and Closes First Tranche of Concurrent FinancingVancouver, British Columbia--(Newsfile Corp. - May 28, 2021) - Battery Mineral Resources Corp. (TSXV: BMR) (\"Battery\" or the \"Company\") is pleased to announce its wholly-owned Chilean subsidiary Minera BMR SpA has completed its previously announced acquisition from Minera Altos de Punitaqui Limitada (\"MAP\"), a wholly-owned subsidiary of Xiana Mining Inc. (\"Xiana\"), of the Punitaqui Mining Complex, a recently producing copper-gold mine located in the Coquimbo region of Chile (the \"Punitaqui Acquisition\"). Concurrent with the completion of the Punitaqui Acquisition, the Company completed the first tranche of a private placement (the \"Private Placement\"), pursuant to which the Company issued an aggregate of 21,156,074 common shares (\"Common Shares\"), comprising approximately US$10.3 million of Common Shares at an issue price of US$0.52 per share and approximately C$800,000 of Common Shares at an issue price of C$0.65 per share. A second tranche of 1,538,462 Common Shares for additional proceeds of US$800,000 will be completed on or about June 4, 2021, for aggregate gross proceeds of US$11.1 million and C$800,000. Battery intends to use the proceeds of the Private Placement to partially finance the Punitaqui Acquisition through the settlement of outstanding obligations owed by MAP to certain secured and unsecured creditors; to fund exploration, development, and restart activities at the Punitaqui Mining Complex; to fund exploration activities at the Company's Canadian cobalt-silver projects, and for working capital and general corporate purposes. The Company previously announced that it intended to complete a C$15,000,000 private placement at a price of C$0.65 per Common Share, but determined to price the majority of the Private Placement in U.S. dollars on account of the fact that the majority of subscription proceeds, as well as the majority of the Company's expenditures, are denominated in U.S. dollars. Overview of the Punitaqui Mining Complex Past producing mining operation which consists of an integrated copper and gold mining complex including all required infrastructure and sources of water and power. The Punitaqui includes a centralized process plant which was historically fe...