- Battery Mineral Resources (BMR) has closed equipment refinancing through its Ozzie’s subsidiary
- The transaction, structured as a lease with a four-year term, raised proceeds of US$2 million through the refinancing of 11 pieces of Ozzie’s equipment
- BMR will allocate the non-dilutive proceeds toward working capital
- Battery Mineral Resources is a battery minerals exploration and development company providing exposure to the movement toward electrification
- Battery Mineral Resources (BMR) opened unchanged, trading at $0.15 per share
Battery Mineral Resources (BMR) has closed equipment refinancing through its Ozzie’s subsidiary.
Ozzie’s operates in the equipment rental and sales sector, servicing pipeline and renewable energy companies.
The transaction, structured as a lease with a four-year term, raised proceeds of US$2 million through the refinancing of 11 pieces of Ozzie’s equipment.
Ozzie’s holds an option to pay off the lease at any time from the 13th month following the lease commencement.
SLR Equipment Finance provided the financing.
Battery Mineral Resources will allocate the proceeds toward working capital.
“The transaction represents a non-dilutive means for BMR to raise capital,” stated BMR’s CEO, Martin Kostuik. “We look forward to sharing ongoing updates on additional financing initiatives and other key milestones as we advance towards an early 2023 restart of mine operations, followed by copper production and positive cash flow at Punitaqui.”
Battery Mineral Resources is a battery minerals exploration and development company providing exposure to the movement toward electrification. It is currently pursuing the resumption of operations at the Punitaqui Mining Complex, a past copper-gold producer, in the Coquimbo region of Chile. It is also the largest mineral claim holder in the Gowganda Cobalt-Silver Camp in Ontario.
Battery Mineral Resources (BMR) opened unchanged, trading at $0.15 per share.
