- Battery Road closed its brokered private placement financing on June 8th
- The offering provided gross proceeds of $5,000,000 through the issuance of 20,000,000 subscription receipts
- The gross proceeds have been deposited into escrow and will be released to Battery Road once the qualifying transaction has closed
- Following completion of the qualifying transaction, the proceeds of the offering will be used to facilitate exploration activities at the Eureka neodymium and praseodymium project
- Numus Capital Corp. will receive a cash commission equal to $350,000 and convertible compensation warrants
- Battery Road is a capital pool company listed on the TSX Venture Exchange
- Trading in the common shares of Battery Road will remain suspended until the qualifying transaction is completed and approved by the TSXV
Battery Road Capital (BTRY.P), a capital pool company has provided an update relating to its Qualifying Transaction with E-Tech Kalapuse Mining (Pty) Ltd.
Battery Road closed its brokered private placement financing on June 8th. The offering provided gross proceeds of $5,000,000 through the issuance of 20,000,000 subscription receipts at a price of $0.25, each convertible into one common share of Battery Road.
After completion of the qualifying transaction, the proceeds of the offering will be used to facilitate exploration activities at the Eureka neodymium and praseodymium project, located in central west Namibia, and for general working capital purposes.
The gross proceeds have been deposited into escrow and will be released to Battery Road upon receipt of notification that the qualifying transaction has closed, at which time each subscription receipt will automatically be exchanged for shares.
Assuming the close of the qualifying transaction, Numus Capital Corp. in its capacity as agent will receive a cash commission equal to $350,000 and convertible compensation warrants entitling the agent to purchase 1,400,000 shares in Battery Road. This is expected to equate to 1,400,000 shares after exercising the warrants.
Closing of the qualifying transaction is subject to the approval of the TSXV.
Battery Road is a capital pool company listed on the TSX Venture Exchange. Battery Road has not commenced commercial operations and has no assets other than cash.
Trading in the common shares of Battery Road will remain suspended until the qualifying transaction is completed and approved by the TSXV.
