Battery X Metals Announces Proposed Debt Settlement
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES
OR FOR DISSEMINATION IN THE UNITED STATES
Battery X Metals Announces Proposed Debt Settlement
VANCOUVER, British Columbia – June 14, 202 4 – Battery X Metals Inc. (CSE:BATX) (OTCQB:BATXF)
(FSE:R0W) ("Battery X Metals" or the "Company") announces that it intends to settle debts in the total
aggregate amount of $629,805 which consists of the following:
• $94,180 owed to certain creditors of the Company in exchange for an aggregate of 941,800
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.
Closing of the debt settlement is expected to occur on June 21, 2024, subject to any comments from the
Canadian Securities Exchange.
The proposed debt settlements with Mark Brezer, Matthew Markin, and Barry Wattenberg, (collectively,
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 o f
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 trained
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, includi ng lithium, 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).
Cautionary Statement Regarding Forward Looking Information
This news release includes certain statements and information that may constitute forward -looking
information within the meaning of applicable Canadian securities laws. Forward-looking statements relate
to future events or future performance and reflect th e expectations or beliefs of management of the
Company regarding future events. Generally, forward -looking statements and information can be
identified by the use of forward -looking terminology such as “intends” or “anticipates”, or variations of
such words and phrases or statements that certain actions, events or results “may”, “could”, “should”,
“would” or “occur”. This information and these statements, referred to herein as "forward-looking
statements", are not historical facts, are made as of the date o f this news release and include without
limitation, statements regarding discussions of future plans, estimates and forecasts and statements as to
management's expectations and intentions with respect to, among other things, the receipt of all
necessary regulatory and other approvals, and the expected closing of the debt settlement. In making the
forward-looking statements in this news release, the Company has applied several material assumptions,
including without limitation, the closing of the debt settlement, and the receipt of all necessary regulatory
and other approvals. Although management of the Company has attempted to identify important factors
that could cause actual results to differ materially from those contained in forward-looking statements or
forward-looking information, there may be other factors that cause results not to be as anticipated,
estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual
results and future events could differ material ly from those anticipated in such statements. Accordingly,
readers should not place undue reliance on forward-looking statements and forward-looking information.
Readers are cautioned that reliance on such information may not be appropriate for other purpo ses. The
Company does not undertake to update any forward -looking statement, forward-looking information or
financial out -look that are incorporated by reference herein, except in accordance with applicable
securities laws. We seek safe harbor.