Business
Fusion Gold Announces Closing of Qualifying Transaction with Battery Mineral Resources Corp. and Name Change
Vancouver, British Columbia--(Newsfile Corp. - February 16, 2021) - Fusion Gold Ltd. (TSXV: FML.P) ("Fusion" or the "Company") is pleased to report that it has
About this update from Battery Mineral Resources Corp
[{"type":"text","content":"Vancouver, British Columbia--(Newsfile Corp. - February 16, 2021) - Fusion Gold Ltd. (TSXV: FML.P) (\"Fusion\" or the \"Company\") is pleased to report that it has closed its previously announced qualifying transaction (as defined under Policy 2.4 of the TSXV) (the \"Transaction\") with Battery Mineral Resources Corp. (\"Battery\"), and changed its name to \"Battery Mineral Resources Corp.\". The Company's shares are expected to resume trading on the TSX Venture Exchange (\"TSXV\") as a Tier 2 Mining Issuer under the ticker symbol \"BMR\" on or around February 22, 2021, subject to the TSXV issuing its final exchange bulletin confirming the completion of the Transaction and its approval thereof. The Transaction The Transaction was effected pursuant to a three-cornered amalgamation whereby the Company's wholly owned subsidiary amalgamated with Battery under the British Columbia Business Corporations Act and Battery became a wholly-owned subsidiary of the Company. In connection with the Transaction, Battery completed a private placement for gross proceeds of $1.75 million (the \"Concurrent Financing\"). Under the Concurrent Financing, Battery issued an aggregate of 735,294 subscription receipts for flow-through common shares of Battery at a price of $0.68 per subscription receipt and 1,923,077 subscription receipts for non-flow-through common shares of Battery at a price of $0.65 per subscription receipt. Also, in connection with the Transaction, the Company completed a consolidation of its common shares on a 2:1 basis (the \"Consolidation\"). Pursuant to the terms of the Transaction (and after giving effect to the Consolidation) each subscription receipt effectively converted into one flow-through common share of Battery or non-flow-through common share of Battery, as applicable, and each outstanding common share of Battery (including those issued on conversion of the subscription receipts) was exchanged for one common share in the capital of the Company (each, a \"Share\") on a one-for-one basis. No finder's fees were paid in connection with the Transaction or the Concurrent Financing. Outstanding Share Capital and Escrow As a result of the Transaction, there is an aggregate of 134,376,856 Shares issued and outstanding in the capital of the Company, of which the previous shareholders of the...