- Battery Mineral Resources (BMR) intends to issue C$5M in unsecured convertible debentures by way of a private placement
- The debentures will mature three years from the date of issuance and bear interest of 8 per cent per year
- The company will use the proceeds to fund an extension of the 2021 exploration drilling program at its Punitaqui copper project in Chile
- Battery Mineral Resources is engaged in the discovery, acquisition and development of battery metals in North and South America as well as South Korea
- Battery Mineral Resources (BMR) closed up by 1.15 per cent trading at $0.44 per share
Battery Mineral Resources (BMR) intends to issue C$5M in unsecured convertible debentures by way of a non-brokered private placement.
The debentures will mature three years from the date of issuance and will bear interest of 8 per cent per year, payable in common shares. Holders may convert all, but not less than all, of their principal amount into common shares at $0.65 per share at any time from six months from the date of issuance.
The securities will automatically convert into common shares upon maturity.
The company will use the proceeds to fund an extension of the 2021 exploration drilling program at its Punitaqui copper project in Chile, as well as for general working capital.
“By continuing the drilling, engineering and permit modification activities, we are charging ahead towards copper production in a very robust copper market,” stated Martin Kostuik, Battery Mineral’s CEO.
“This round of financing provides funding to reach our next milestone and is a compelling arrangement with minimal shareholder dilution. We are a battery metal and electrification-focused company, and we remain as excited as ever about this sector of the global economy,” he added.
Battery Mineral Resources is engaged in the discovery, acquisition and development of battery metals in North and South America as well as South Korea.
Battery Mineral Resources (BMR) closed up by 1.15 per cent trading at $0.44 per share.