Battery Mineral Resources Corp. Closes US$200,000 Private Placement for Punitaqui Copper Project

2 min read | October 28, 2024 01:28 AM EDT | By Team Kalkine Media

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Battery Mineral Resources Corp. Closes US$200,000 Private Placement for Punitaqui Copper Project — Image source: © Aprescindere | Megapixl.com

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Highlights

Battery Mineral Resources Corp. has raised US$200,000 through a private placement of unsecured convertible debentures.

The funds will be used to support operations at the Punitaqui copper project in Chile, with a conversion option starting in October 2024.

The debentures mature in September 2026 and bear interest at 10% per annum, payable in cash or shares.

Battery Mineral Resources Corp. (TSX:BMR, OTCQB:BTRMF) announced the successful closing of a private placement of unsecured convertible debentures for gross proceeds totaling US$200,000 (approximately C$276,860). The company plans to allocate these funds to advance its operations at the Punitaqui copper project in Chile, a historic copper-gold-silver mining complex located in the Coquimbo region.

The debentures, which will mature on September 30, 2026, carry an annual interest rate of 10%, compounding annually. Interest payments accrued up to March 30, 2025, will be settled through the issuance of common shares of the company, while subsequent interest payments may be made in either cash or shares, based on the debenture holder’s preference. The issuance of shares to cover interest payments will be priced at the then-current market value of the company's shares and will be subject to the approval of the TSX Venture Exchange.

Starting from October 25, 2024, debenture holders have the option to convert the principal amount of the debenture into common shares of Battery Mineral Resources Corp. at a conversion price of US$0.22 per share (approximately C$0.30 per share). The private placement remains subject to final acceptance by the TSX Venture Exchange.

About Battery Mineral Resources Corp.

Battery Mineral Resources Corp. is focused on developing its Punitaqui Mining Complex in Chile, aiming to transform the historic copper-gold-silver producer into a mid-tier copper operation. The company’s strategic goal is to leverage the resources in this region to establish a sustainable and productive mining operation.

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