The proceeds from the Debentures will be used to fund an extension of the successful 2021 exploration drilling program at the Company's recently acquired Punitaqui copper project in
The Debentures will mature on the date (the 'Maturity Date') that is three years from the date of issuance. The holder of any Debenture may, at its option, at any time from six months from the date of issuance, 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
The Debentures will bear interest at 8% per annum, compounded annually, from the date of issuance, payable upon the earlier of the date of any conversion thereof and the Maturity Date, by way of issuance of common shares of the Company. If a Debenture is converted as of a date that is on or before the first anniversary date (the 'First Anniversary Date') that it was issued, interest will be calculated as of the First Anniversary Date, and if a Debenture is converted as of a date that is after the First Anniversary Date but before the second anniversary date (the 'Second Anniversary Date') that it was issued, interest will be calculated as of the Second Anniversary Date. Common shares issued for payment of accrued interest on the principal amount of the Debenture will be issued at the market price of the common shares at the time the accrued interest becomes payable, calculated in accordance with the policies of the
At least one of the proposed purchasers of the Debentures is an insider of the Company and, the purchase of any Debenture under the private placement by an insider will be considered a 'related party transaction' within the meaning of Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions ('MI 61-101'). The Company will not file a material change report 21 days prior to the closing date because the Company intends to complete the private placement as soon as commercially possible.
The Debentures will be subject to a statutory hold period of four months and one day from the date of issuance. Closing of the private placement is subject to receipt of
Battery CEO,
Appointment of New Director to the Board
The Company is pleased to announce the appointment of Mr.
Battery Chair of the Board of Directors,
Additional Information
The Company announces it has granted an aggregate of 345,832 options to acquire common shares of the Corporation ('Options'), and an aggregate of 208,332 restricted share units (the 'RSUs') to its new director and existing officers of
About
A battery mineral company with high-quality assets providing shareholders exposure to the global mega-trend of electrification and focused on growth through cash-flow, exploration and acquisitions in the world's top mining jurisdictions. BMR is currently developing the
BMR is engaged in the discovery, acquisition, and development of battery metals (cobalt, lithium, graphite, nickel and copper), in
Contact:
Tel: +1 (604) 229 3830
Email: info@bmrcorp.com
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 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 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 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.
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