Battery Mineral Resources Announces up to C$7 Million in Royalty Financing
Summary
Any incremental royalty financing would be expected to close before December 31, 2024 and, if consummated, will be announced in a subsequent news release by the Company.Martin Kostuik, Chief Executive Officer, stated, "This additional capital will enable Battery to further increase fresh mine feed production and milling at the Punitaqui project, as well as accelerate mining activities by establishing access to the mineralized zones at Cinabrio and San Andres and driving access towards Cinabrio Norte. "Max Satel, Chief Financial Officer, added, "The sale of a modest GRR on the Punitaqui project represents a creative and non-dilutive form of financing, continuing our track record of preserving shareholder value during the challenging equity market conditions currently faced by mining companies. In addition, the 0.75% GRR will apply to any third-party ore or other materials processed through the Punitaqui mill from the effective date of the definitive agreement, to December 31, 2027. Completion of the transactions disclosed herein remains subject to a number of conditions, including: the receipt of any required regulatory and TSX Venture Exchange approvals; and other customary closing conditions.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. 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.