Battery X Metals Announces Closing of Debt Settlement
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES
OR FOR DISSEMINATION IN THE UNITED STATES
Battery X Metals Announces Closing of Debt Settlement
Company closes previously announced debt settlement
VANCOUVER, British Columbia – June 24, 2024 – Battery X Metals Inc. (CSE:BATX) (OTCQB:BATXF)
(FSE:R0W) ("Battery X Metals" or the "Company"), announces that further to its press release dated June
14, 2024, it has settled debt (the “ Debt Settlement”) in the aggregate amount of $599,805 owed by the
Company to certain creditors of the Company which consists of the following:
• $64,180 owed to certain creditors of the Company in exchange for an aggregate of 641,800
common shares at a deemed price of $0.10 per share which shares will be subject to a hold period
of four months and one day in accordance with applicable securities laws.
• $535,625 owed to certain creditors of the Company in exchange for an aggregate of 5,356,250
common shares at a deemed price of $0.10 per share which will not be subject to a restricted
period.
The debt settlements with Mark Brezer, Matthew Markin, and Barry Wattenberg (together, the “ Insider
Settlements”) are “related party transactions” within the meaning of Multilateral Instrument 61 -101
Protection of Minority Security Holders in Special Transactions (“MI 61-101”). The Insider Settlements are
exempt from the valuation requirement of MI 61 -101 by virtue of the exemptions contained in section
5.5(b) of MI 61-101 as the Company's common shares are not listed on a specified market and from the
minority shareholder approval requirements of MI 61-101 by virtue of the exemption contained in section
5.7(1)(a) of MI 61-101 in that the fair market value of the Insider Settlements will not exceed 25% of the
Company's market capitalization. As the material change report disclosing the Insider Settlements is being
filed less than 21 days before the transaction, there is a requirement under MI 61‐101 to explain why the
shorter period was reasonable or necessary in the circumstances. In the view of the Company, it is
necessary to immediately close the Insider Settlements and therefore, such shorter period is reasonable
and necessary in the circumstances to improve the Company's financial position.
None of the securities acquired in the Debt Settlement will be registered under the United States
Securities Act of 1933, as amended (the “ 1933 Act”), and none of them may be offered or sold in the
United States absent registration or an applicable exemption from the registration requirements of the
1933 Act. This news release shall not constitute an offer to sell or a solicitation of an offer to buy nor shall
there be any sale of the securities in any state where such offer, solicitation, or sale would be unlawful.
About Battery X Metals Inc.
Battery X Metals Inc. (CSE:BATX) (OTCQB:BATXF) (FSE:R0W) is dedicated to advancing North America's
clean energy transition through the development of proprietary technologies and domestic battery and
critical metal resource exploration. The Company focuses on extending the lifespan of electric vehicle (EV)
batteries, recovering battery grade metals from end ‐of‐life lithium‐ion batteries, and exploring domestic
battery and critical metals resources.
The Company's portfolio company 1, Lithium ‐ion Battery Renewable Technologies Inc. ("LIBRT"), is
developing proprietary technology to test and extend electric vehicle (EV) battery lifespan by addressing
battery degradation through cell rebalancing. LIBRT is also developing battery health diagnostic equipment
for EV batteries and LIBRT holds the exclusive license for BatteryMap AI in North America, an AI model
with a comprehensive patent portfolio for precise battery monitoring and prediction, extensively tra ined
on vast amounts of real‐world data.
The Company's wholly‐owned subsidiary, Battery X Recycling Technologies Inc., in collaboration with the
University of British Columbia (UBC), pioneers advanced EV battery metal recovery technologies. With a
focus on recovering battery ‐grade metals, including l ithium, nickel, cobalt, manganese, copper, and
graphite, from the residual material of shredded lithium ‐ion batteries known as black mass, utilizing an
eco‐friendly proprietary froth flotation separation process.
The Company’s 100% owned Y Lithium Project, located in Northern Saskatchewan near Bailey Lake,
comprises four mineral claims across two blocks and spans 5,855 hectares (14,470 acres) and holds holds
significant potential for lithium ‐cesium‐tantalum (LCT) p egmatites. Additionally, Battery X Metals owns
100% of the Nunavik, QC Leaf River Project, encompassing 83 claims over an area of approximately 3,500
hectares, and Abitibi, QC Reservoir‐Dozios Project, encompassing 52 claims over an area of approximately
3,500 hectares. Each project is in close proximity to key mining projects and within an area of successful
lithium exploration. The Nunavik property is contiguous to the Eureka Lithium's New Leaf Project and the
Abitibi Project is located near Sayona Mining Limited's Abitibi Lithium Hub. Both aforementioned
companies report large, mineralized structures and pegmatite formations within the regions.2
In addition to its lithium exploration ventures, Battery X Metals also holds The Belanger Property, which is
NI 43‐101 compliant. The property comprises 105 claims over an area of approximately 2,100 hectares
and is located in one of Canada’s most prolific gold mining districts, Red Lake, Ontario. It is strategically
situated near Kinross Gold's Sobel and Great Bear properties. Battery X Metals also holds an equity stake
in Premier Silver Corp., which acquired the Mallay Mine & Processing Plant in Peru from Buenaventura, a
prominent mining company listed on the NYSE. Conveniently located near Lima and Churin town, the
Mallay mine is part of Premier Silver's extensive 10,562.4 ‐hectare Tres Cerros Au ‐Ag Project. This
diversification enhances Battery X Metals' investment portfolio, offering potential opportunities in the
precious metals sector.
With a dedicated management team, focused on maximizing shareholder value and commitment to
sustainability, Battery X Metals is positioned to be an emerging leader in lithium‐ion battery technologies,
as well as battery and critical metal exploration.
1 49% owned Portfolio Company
2 Sigeom.Mines
On Behalf of the Board of Directors
Mark Brezer, Director
For further information, please contact:
Mark Brezer
C.E.O.
(604) 741-0444
Neither the CSE nor its Market Regulator (as that term is defined in the policies of the CSE) accepts
responsibility for the adequacy or accuracy of this release).