Battery Mineral Resources (TSX.V: BMR) (OTCQB: BTRMF), a battery minerals company providing shareholders exposure to the global megatrend of electrification, has announced a debt financing arrangement. The company has arranged a $2 million gross proceeds debt financing arrangement with Weston Energy LLC, with proceeds of the financing earmarked for general working capital. The company issued a promissory note to Weston Energy that matures on Sept. 15, 2023; the note has an interest rate of 8% per annum, with interest payable at the maturity of the note. The company also noted that interest settlement agreements it had reached with specific creditors have been approved by the TSX Venture Exchange. In addition, the company is working to secure the final nondilutive funding for the restart of its Punitaqui copper mining complex as well as advance the ongoing permitting process and strengthen its relationships with its local communities and other stakeholders. “We are delighted to have such strong support from our major shareholder provided by this short-term debt financing,” said Battery Mineral Resources CEO and director Martin Kostuik in the press release. “This funding will allow BMR to continue advancing the Punitaqui copper mining complex towards a profitable and sustainable restart and most importantly, gives us more flexibility as we seek the final non-dilutive funding required to restart Punitaqui, expected in the next one to two months.”
To view the full press release, visit https://ibn.fm/2GnHl
About Battery Mineral Resources Corp.
Battery Mineral Resources is a battery minerals company providing shareholders exposure to the global megatrend of electrification while being focused on growth through cash flow, exploration and acquisitions in favorable mining jurisdictions. Battery Mineral’s mission is the discovery, acquisition and development of battery metals (namely cobalt, lithium, graphite and copper) in North America, South America and South Korea, and to become a premier and responsible supplier of battery minerals to the electrification marketplace. BMR is currently pursuing a near-term resumption of operations of the Punitaqui Mining Complex, a past copper-gold producer in the Coquimbo region of Chile. BMR is the largest mineral claim holder in the historic Gowganda Cobalt-Silver Camp in Ontario, Canada, and continues to pursue a focused program to build on the recently announced, 1-million-pound-plus high-grade cobalt resource at McAra. In addition, Battery Mineral owns 100% of ESI Energy Services Inc., a profitable mainline pipeline and renewable energy equipment rental and sales company with operations in Alberta, Canada, and the state of Arizona. For more information about the company, visit www.BMRCorp.com.
NOTE TO INVESTORS: The latest news and updates relating to BTRMF are available in the company’s newsroom at https://ibn.fm/BTRMF
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