BATTERY MINERAL RESOURCES CORP. ANNOUNCES ADDITIONAL FINANCING Proceeds to Be Applied Towards the Operations at Punitaqui Project, Chile
{02149511.2}
BATTERY MINERAL RESOURCES CORP. ANNOUNCES ADDITIONAL
FINANCING
Proceeds to Be Applied Towards the Operations at Punitaqui Project, Chile
Vancouver, British Columbia – (August 16, 2024) – Battery Mineral Resources Corp.
(TSXV: BMR) (OTCQB: BTRMF) (“Battery” or “BMR” or the “Company”) is pleased
to announce that, on June 26, 2024, the Company was advanced a loan (the “Loan”)
in the amount of US$750,000 (approximately C$1,028,625) by Weston Energy II LLC
(“Weston II ”), a portfolio company operated by Yorktown Partners LLC and an
existing shareholder of the Company. The Loan matures on September 24, 2024 and
accrues interest at a rate per annum equal to eight percent (8%). The Loan is
unsecured and no bonus securities were issued for the Loan. The proceeds from the
Loan will be applied towards the operations at the Company’s Punitaqui copper
project in Chile.
The Loan is 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 1.3715, the exchange rate published
by the Bank of Canada on August 15, 2024.
MI 61-101 Matters
Weston II is 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
II 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
59.44% and 70.94%, respectively, of the outstanding BMR Common Shares).
The Loan constitutes a “related party transaction” for the purposes of MI 61 -101.
The Loan is exempt from the formal valuation requirements of MI 6 -101 as BMR is
- 2 -
{02149511.2}
1381-9958-8110, v. 1
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 Loan is
further exempt from the minority shareholder approval requirements of MI 61 -101
by virtue of the value of the Loan constituting less than 25% of the market
capitalization of the Company, and being less than $2,500,000 in any case (as set
forth in Sections 5.7(1)(a) and 5.7(1)(b) of MI 61-101).
About Battery Mineral Resources Corp.
Battery Mineral Resources’ 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. Battery Mineral
Resources 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 South 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.
For more information about Battery Minerals, please visit our website
at https://bmrcorp.com/, or email us at [email protected].
For more information, please contact:
Martin Kostuik, CEO
Phone: +1 (604) 628-1110
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,
- 3 -
{02149511.2}
1381-9958-8110, v. 1
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 inherently 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 results, performance or achievements that are or may
be expressed or impl ied 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 develop ment schedule, gove rnment regulation and fluctuating metal
prices. Accordingly, readers should not place undue reliance on forward -looking
statements. BMR undertakes no obligation to update publicly or otherwise 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+.