Battery X Metals Announces Closing of Non-Brokered Private Placement and Debt Settlement
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES
OR FOR DISSEMINATION IN THE UNITED STATES
BaƩery X Metals Announces Closing of Non-Brokered Private Placement and
Debt SeƩlement
VANCOUVER, BriƟsh Columbia – December 24, 2024 – BaƩery X Metals Inc. (CSE:BATX) (OTCQB:BATXF)
(FSE:R0W, WKN:A3EMJB) (“BaƩery X Metals” or the “Company”) announces the closing of its previously
announced non-brokered private placement financing (the “ Private Placement”). The Company issued
11,999,998 units (each, a “Unit”) at a price of $0.05 per Unit for aggregate gross proceeds of $599,999.94.
Each Unit consists of one common share in the capital of the Company (each, a “ Share”) and one
transferable common share purchase warrant of the Company (each, a “ Warrant”), with each Warrant
enƟtling the holder to acquire on addi Ɵonal Share (each, a “ Warrant Share”) at a price of $0.075 per
Warrant Share UnƟl December 24, 2026.
The Company intends to use the proceeds raised from the Private Placement for general working capital
and outstanding payables. The securiƟes issued under the Private Placement will be subject to a statutory
hold period in accordance with applicable securi Ɵes laws of four months and one day from the date of
issue, expiring April 25, 2025.
Debt SeƩlement
The Company also announces that further to its news release dated December 11, 2024 , it has se Ʃled
debt in the aggregate amount of $600,000 (the “ Debt SeƩlement”) owed by the Company to certain
insiders and creditors of the Company in exchange for an aggregate of 11,999,999 units (each, a “ Debt
SeƩlement Unit”), at a price of $0.05 per Debt SeƩlement Unit.
Each Debt Se Ʃlement Unit consists of one common share in the capital of the Company (each, a “ Debt
SeƩlement Share”) and one transferable common share purchase warrant of the Company (each, a “Debt
SeƩlement Warrant”), with each Debt Se Ʃlement Warrant enƟtling the holder to acquire on addi Ɵonal
Debt Se Ʃlement Share (each, a “ Debt Se Ʃlement Warrant Share ”) at a price of $0.075 per Debt
SeƩlement Warrant Share UnƟl December 24, 2026.
The securiƟes issued under the Debt Se Ʃlement will be subject to a statutory hold period in accordance
with applicable securiƟes laws of four months and one day from the date of issue, expiring April 25, 2025.
The Company obtained shareholder approval by written consent from shareholders (excluding Related
Parties) holding approximately 52% of the Company’s issued and outstanding Shares to close both the
Private Placement and Debt Settlement, in accordance with Policy 4.6(2)(a)(i)(2) of the Canadian Securities
Exchange.
The debt settlements with Massimo Bellini Bressi and Dallas Pretty (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 do 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 Private Placement and 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 (CSE:BATX) (OTCQB:BATXF) (FSE:R0W, WKN:A3EMJB) is committed to advancing the
global 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, through its portfolio company, LIBRT 1, recovering battery grade metals from end-of-life
lithium-ion batteries, and the acquisition and exploration of battery and critical metals resources. For more
information, visit batteryxmetals.com.
1 49% owned Portfolio Company
On Behalf of the Board of Directors
Massimo Bellini Bressi, Director
For further information, please contact:
Massimo Bellini Bressi
Chief Executive Officer
Email: [email protected]
Tel: (604) 741-0444
Disclaimer for Forward-Looking Information
This news release contains forward-looking statements within the meaning of applicable securities laws,
including statements related to the use of proceeds of the Private Placement. Forward-looking statements
reflect management’s current beliefs, expectations, and assumptions based on available information as of
the date of this release. However, these statements are subject to risks, uncertainties, and other factors
that could cause actual results to differ materially from those expressed or implied. Such risks include, but
are not limited to the ability of the Company to execute on its business strategy, obtain additional financing
and funds as required and on market terms, and susceptibility to fluctuations in the market and the
industries in which the Company operates. Additional details regarding risks and uncertainties are
available in the Company’s filings on SEDAR+. The forward-looking statements in this news release are
made as of the date hereof, and Battery X Metals disclaims any intention or obligation to update or revise
such statements, except as required by law. Investors are cautioned not to place undue reliance on these
forward-looking statements.