Battery Mineral Resources Corp. Announces Additional Financing
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BATTERY MINERAL RESOURCES CORP. ANNOUNCES ADDITIONAL FINANCING
Vancouver, British Columbia – (October 15, 2024) – Battery Mineral Resources Corp. (TSXV:
BMR) (OTCQB: BTRMF) (“Battery” or “BMR” or the “Company”) is pleased to announce that,
(a) on September 25, 2024, the Company was advanced a loan in the amount of
US$567,000.00 (approximately C$779,851.80) by Lazaros Nikeas (“Nikeas” and the “Nikeas
Loan”), a director of the Company; and (b) on October 9, 2024, Minera BMR Spa (the Chilean
subsidiary of the Company ), was advanced a loan in the amount of US$ 2,500,000.00
(approximately C$3,438,500.00) by Weston Energy III, LLC (“Weston III” and the “Weston III
Loan”), an investment entity controlled by Yorktown Partners LLC (collectively, the “Loans”).
Max Satel, Battery’s CFO stated, “These additional funds will further enhance Battery’s ability
to ramp up copper concentrate production and to further optimize operations at our Punitaqui
Mining Complex, as we continue our mission of building a mid-tier copper producer."
The Weston III Loan matures on December 5, 2024 and accrues interest at a rate per annum
equal to eight percent (8%). The Weston III Loan is unsecured. The proceeds from the Weston
III Loan will be applied towards the operations at the Company’s Punitaqui copper project in
Chile, for general corporate purposes, and were also applied to repay the Nikeas Loan in full.
No bonus securities were issued for either of the Loans. The Loans are subject to acceptance
by the TSX Venture Exchange.
Exchange Rates
All USD amounts for which CAD equivalent amounts are given in this news release were
calculated at CAD/USD exchange rate of 1.3754, the exchange rate published by the Bank of
Canada on October 10, 2024.
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MI 61-101 Matters
Weston III and Nikeas are each a “related party” to BMR pursuant to pursuant to Multilateral
Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61-
101“). Prior to giving effect to the transactions disclosed in this news release, Weston III and
its affiliates own or control (directly or indirectly) 107,578,740 BMR Common Shares on an
undiluted basis and 193,011,575 BMR Common Shares on a diluted basis assuming
conversion of all outstanding debentures (representing approximately 59.43% and 70.99% of
the outstanding BMR Common Shares on an undiluted and diluted basis, respectively). Nikeas
is a director of BMR.
The Loans each constitute a “related party transaction” for the purposes of MI 61-101. Each
Loan is exempt from the formal valuation requirements of MI 61-101 as BMR is not listed on
a specified market that would require compliance with such formal valuation requirements
(as set forth in Section 5.5(b) of MI 61-101). The Loans are further exempt from the minority
shareholder approval requirements of MI 61 -101 under Section 5.7(1)(j) by virtue of each
Loan being on reasonable commercial terms not less advantageous th an would be obtained
from a third party lender and, in the case of the Nikeas Loan, under Section 5.7(1)(a) by virtue
of the amount of the Loan being not more than 25% of the market capitalization of the
Company.
About Battery Mineral Resources Corp.
BMR’s mission is to build a mid-tier copper producer and has recently initiated mine and mill
operations at the Punitaqui Mining Complex, a historic copper -gold-silver producer, in the
Coquimbo region of Chile. B MR is unique because it leverages the inherent value from its
100% owned subsidiary, ESI Energy Services Inc., a renewable energy equipment rental and
sales company. The Company’s portfolio also consists of two cobalt assets and one lithium
asset located in North America and two graphite assets in S outh Korea. The Company is
focused on providing shareholders accretive exposure to copper and the global mega -trend
of electrification while being focused on growth through cash -flow, exploration, and
acquisitions in favorable mining jurisdictions. Further information about BMR and its projects
can be found on www.bmrcorp.com.
For more information, please contact:
Martin Kostuik, CEO
Phone: +1 (604) 628-1110
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Twitter: @BMRcorp_
Facebook: Battery Mineral Resources Corp. | Facebook
LinkedIn: Battery Mineral Resources Corp.: My Company | LinkedIn
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies
of the TSXV) accepts responsibility for the adequacy or accuracy of this press release.
Forward Looking Statements
This news release includes certain “forward -looking statements” under applicable securities
laws. There can be no assurance that such statements will prove to be accurate, and actual
results and future events could differ materially from those anticipated in such statements.
Forward-looking statements reflect the beliefs, opinions and projections of the Company on
the date the statements are made and are based upon a number of assumptions and
estimates that, while considered reasonable by the Company, are i nherently subject to
significant business, economic, competitive, political and social uncertainties and
contingencies. Many factors, both known and unknown, could cause actual results,
performance, or achievements to be materially different from the resul ts, performance or
achievements that are or may be expressed or implied by such forward -looking statements
and the parties have made assumptions and estimates based on or related to many of these
factors. Such factors include, without limitation, the ability of the Company to obtain sufficient
financing to complete exploration and development activities, risks related to share price and
market conditions, the inherent risks involved in the mining, exploration and development of
mineral properties, the ability of the Company to meet its anticipated development schedule,
government regulation and fluctuating metal prices. Accordingly, readers should not place
undue reliance on forward -looking statements. BMR undertakes no obligation to update
publicly or other wise revise any forward -looking statements contained herein, whether as a
result of new information or future events or otherwise, except as may be required by law. For
further information regarding the risks please refer to the risk factors discussed in B MR’s
most recent Management Discussion and Analysis filed on SEDAR+.