Battery Mineral Resources Corp. Announces Closing of Additional Financing
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BATTERY MINERAL RESOURCES CORP. ANNOUNCES CLOSING OF
ADDITIONAL FINANCING
Vancouver, British Columbia – (October 25, 2024) – Battery Mineral Resources Corp.
(TSXV: BMR) (OTCQB: BTRMF) (“Battery” or “BMR” or the “Company”) is pleased
to announce the closing of a private placement (the “ Private Placement ”) of
unsecured convertible debentures (the “ Debentures”) for total gross proceeds of
US$200,000 (approximately C$276,860). The proceeds from the Debentures will be
applied towards the operations at the Company’s Punitaqui copper project in Chile.
Debenture Offering
The Debentures will mature on September 30, 2026 (the “Maturity Date”) and will
bear interest at 10 % per annum, compounding annually on September 30 of each
year, not in advance . Interest accrued from the date of issuance and up to and
including March 30, 2025, will be paid by way of issuance of common shares of the
Company. Interest accrued following March 30, 2025, will be, at the option of the
holder, paid either in cash or by way of issuance of common shares of the Company.
The issuance of common shares as payment of interest will be at the then current
market price of the Company’s common shares at the date the interest becomes
payable and will be subject to the prior acceptance of the TSX Venture Exchange and
applicable securities laws.
The holder of a Debenture may, at their option, at any time from October 25, 2024,
and prior to the close of business on the business day immediately preceding the
Maturity Date, convert all, but not less than all, of the principal amount of such
Debenture into common shares of the Company at the conversion price of US$0.22
per share (approximately CAD$0.30 per share).
The Private Placement is subject to acceptance by the TSX Venture Exchange.
Further Disclosure
The press release of the Company dated October 15, 2024 (the “October 15 Press
Release”) disclosed a loan (the “Loan”) made by Lazaros Nikeas to the Company in
the principal amount of US$567,000 (approximately C$784,898). As disclosed in the
October 15 Press Release, the Loan plus all accrued interest was repaid in full on
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October 9, 2024. The Company wishes to clarify that , prior to such repayment, the
terms of the Loan were as follows. The Loan matures on December 5, 2024 and
accrues interest at a rate per annum equal to eight percent (8%). The Loan is
unsecured. The proceeds from the Loan will be applied towards the operations at the
Company’s Punitaqui copper project in Chile and for general corporate purposes.
Exchange Rates
All USD amounts for which CAD equivalent amounts are given in this news release
were calculated at CAD/USD exchange rate of 1.3843, the exchange rate published
by the Bank of Canada on October 23, 2024.
Disclaimers
The Debentures will be sold in a transaction exempt from registration under the
Securities Act of 1933, as amended (the “Securities Act”) and will be sold only to
persons reasonably believed to be accredited investors in the United States under
Rule 506 un der the Securities Act and outside the United States only to non -U.S.
persons in accordance with Regulation S under the Securities Act.
The Debentures and the shares of common stock issuable upon conversion of the
Debentures, if any, have not been and will not be registered under the Securities Act,
or any state securities laws, and unless so registered, may not be offered or sold in
the United States except pursuant to an applicable exemption from such registration
requirements of the Securities Act and applicable state securities laws.
This press release does not constitute an offer to sell or a solicitation of an offer to
buy any of the Debentures or any shares of common stock potentially issuable upon
conversion of the Debentures nor shall there be any sale of Debentures (or shares
issuable upon conversion thereof) in any state or other jurisdiction in which such
offer, solicitation or sale would be unlawful prior to registration or qualification under
the securities laws of such state.
There can be no assurance that any future offerings of the Debentures will be
completed.
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. 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
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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
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 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 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 abili ty of the Company to obtain sufficient
financing (including through the Private Placement) to complete exploration and
development activities, the ability of the Company to close the Private Placement on
the terms discussed, the completion, timing and size of the proposed Private
Placement, the intended use of the proceeds of the Private Placement, 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 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
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information regarding the risks please refer to the risk factors discussed in B MR’s
most recent Management Discussion and Analysis filed on SEDAR+.