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Battery Mineral Resources Corp. Provides Review of 2023 Accomplishments and Outlook for 2024
(NewsDirect) Vancouver, British Columbia – (March 18, 2024) – Battery Mineral R...
About this update from Battery Mineral Resources Corp
[{"type":"text","content":"Battery Mineral Resources Corp. Provides Review of 2023 Accomplishments and Outlook for 2024\n \n \n (NewsDirect)\n \n \n Vancouver, British\nColumbia – (March 18, 2024) – Battery Mineral Resources Corp.\n(\n \n TSXV: BMR\n \n ) (\n \n OTCQB: BTRMF\n \n ) (“\n \n Battery\n \n ” or\n“\n \n BMR\n \n ” or the “\n \n Company\n \n ”) is pleased to provide a\nreview of the Company’s accomplishments in 2023 as well as an\noutlook and updates for 2024. The year 2023 brought significant\nimprovements in the areas of funding, permitting and operational\nreadiness for the Punitaqui mine in Chile.\n \n \n \n Funding Highlights 2023 and 2024\n \n \n \n BMR accomplished multiple major funding\nmilestones in 2023, and applied the proceeds towards working capital\nand the restart of copper concentrate production at its Punitaqui\ncopper project in Chile, including:\n \n \n \n Bridge loan - Beginning on June 7, BMR\nincreased its bridge loan facility from its major shareholder from\nUS$4 million to US$5.3 million (“\n \n M\n \n ”) while also extending\nthe maturity date to September 15, 2023. This additional financial\nflexibility allowed BMR to continue advancing its Punitaqui project\ntowards development without the need for the issuance of equity. BMR\nused the proceeds of the expanded loan to continue advancing Punitaqui\ntowards restarting sustainable copper concentrate production, and for\nadditional working capital.\n \n \n Promissory note - Procured\nfurther non-dilutive funding, when BMR announced on July 5, 2023,\nhaving obtained a further debt financing in the form of a promissory\nnote of US$2M, also from its major shareholder. The US$2M promissory\nnote provided BMR additional flexibility as it worked to secure the\nfinal funding for the restart of copper concentrate production from\nits Punitaqui Copper Mining Complex.\n \n \n Private placement and\ncapital reorganization - A non-brokered private placement offering of\nup to US$6M in unsecured convertible debentures, press released on\nOctober 17, 2023. In connection with the private placement, BMR issued\nUS$15.4 million in convertible debentures to its existing debtholders\nto refinance substantially all the Company’s previously outstanding\nindebtedness.\n \n \n First closing - The Company’...