Battery Mineral Resources Corp. Announces Flow-Through Private Placement \
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BATTERY MINERAL RESOURCES CORP. ANNOUNCES FLOW-THROUGH
PRIVATE PLACEMENT
\NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR RELEASE, PUBLICATION, DISTRIBUTION OR
DISSEMINATION DIRECTLY, OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES
VANCOUVER, British Columbia, August 23, 2021 - Battery Mineral Resources Corp.
(“Battery” or the “Company”) (TSX.V:BMR) is pleased to announce that it intends
to complete a non -brokered private placement to raise gross proceeds of up to
$800,000 (the “Offering”) through the issuance of up to 1,025,641 common shares
in the capital of the Company issued on a flow-through basis (each, a “FT Share”)
at a price of $0.78 per FT Share. These funds will be used to finance the continuation
of the Company’s 2021 Canadian exploration programs in Ontario.
The FT Shares will qualify as “flow -through shares” for purposes of the Income Tax
Act (Canada). The gross proceeds of the Offering will be used to incur qualifying
exploration e xpenditures on the Company's Cobalt District Exploration Project in
Ontario. Use of proceeds will be to continue the progression of sampling, mapping,
assaying and up to 3,000 meter core drilling in support of the extension of our
successful Northern Ontario Cobalt exploration program. In particular, exploration
will be focussed on our Gowganda, Elk Lake, Wilder and McAra properties (Figure 1).
Closing of the Offering is expected to occur on or about August 31, 2021. FT Shares
issued in connection with the Offering will be subject to a statutory hold period of
four-months and one day. Completion of the Offering is subject to a number of
conditions, including without limitation, recei pt of TSX Venture Exchange (“TSXV”)
approval. Finder’s fees may be paid to eligible finders in accordance with the policies
of the TSXV consisting of a cash commission equal to up to 6% of the gross proceeds
raised under the Offering.
In Gowganda, specifically, Gowganda East, the holes will target the horizon which is
upper contact of the Diabase along the eastern limb of the Nipissing Diabase Sill.
Historically this contact was the principal ore host in the Gowganda Mining Camp
which produced 60.1 million ounces silver and 1.3 million pounds of cobalt from 1910
– 1989. In addition, target identification using geophysics has proven valuable. Three
Dimensional Induced -Polarization (“3D -IP”) surveys at Gowganda East have
identified several high chargeability anomalies which could be indicative of sulphide
mineralization as well as a number of chargeability lows which been interpreted as
potential alteration zones.
The Summer and Fall field work program consisting of prospecting, geological
mapping, rock samplin g, targeting known mineral cobalt – silver occurrences and
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historic workings, is aimed to identify new high priority targets for drilling, trenching
and ground geophysical surveys.
Figure 1: BMR’s land position in the Cobalt Embayment
Additional Information
P. J. Doyle, FAusIMM (#208850), Battery Mineral Resources Corp. - Vice President
Exploration - Canada, supervised the preparation of and approved the scientific and
technical information in this press release pertaining to the Canad a Exploration
Program.
Scientific and technical information pertaining to the cobalt resource at McAra was
extracted from the Company’s NI 43 -101 “Technical report on Cobalt Exploration
Assets in Canada” dated as of May 26, 2020 with an effective date of March 31, 2020,
prepared by Glen Cole (P. Geo) of SRK Consulting (Canada) Inc.
About Battery Mineral Resources Corp.
Battery is a multi-commodity resource company which provides investors with
exposure to the world -wide trend towards electrification . Battery is engaged in the
discovery, acquisition, and development of battery metals (cobalt, lithium, graphite,
nickel & copper), in North and South America and South Korea with the intention of
becoming a premier and sustainable supplier of battery minerals to the electrification
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marketplace. Battery is the largest mineral claim holder in the historic Gowganda
Cobalt-Silver Camp, Canada and continues to pursue a focused program to build on
the recently announced, +1 million pound cobalt resource at McAra by testing over
50 high-grade primary cobalt silver-nickel-copper targets. In addition, Battery owns
100% of ESI Energy Services, Inc., a pipeline equipment rental and sales company
with operations in Leduc, Alberta and Phoenix, Arizona. Finally, Battery is currently
developing the Punitaqui Mining Complex, and pursuing the potential near term
resumption of operations at the prior producin g Punitaqui copper -gold mine. The
Punitaqui copper-gold mine most recently produced approximately 21,000 tonnes of
copper concentrate in 2019 and is located in the Coquimbo region of Chile.
For further information, please contact:
Battery Mineral Resources Corp.
Martin Kostuik
Phone: +1 (604) 229 3830
Email: [email protected]
The securities offered pursuant to the Private Placement have not been, and will not be, registered under
the U.S. Securities Act of 1933, as amended (the "U.S. Securities Act") or any U.S. state securities laws, and
may not be offered or sold in the United States or to, or for the account or benefit of, United States persons
absent registration or any applicable exemption from the registration requirements of the U.S. Securities
Act and applicable U.S. state securities laws. This news release shall not constitute an offer to sell or the
solicitation of an offer to buy securities in the United States, nor shall there be any sale of these securities
in any jurisdiction in which such offer, solicitation or sale would be unlawful.
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
Canadian securities legislation. 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 estim ates 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 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, government regulation and fluctuating metal
prices. Accordingly, readers should not place undue reliance on forward -looking
statements. Battery undertakes no obligation to update publicly or otherwise revi se
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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.