Shares of Battery Mineral Resources Corp (OTCMKTS:BTRMF) closed higher in the previous session.
Battery Mineral Resources Corp. Closes Third Tranche of C$10 Million Convertible Debenture Financing
Battery Mineral Resources Corp (OTCMKTS:BTRMF) on March 17, 2022, announced a closing third tranche of its non-brokered private placements announced by the company on January 14, 2022. The offering may close by March 31, 2022.
Gross proceeds for tranche three is for C$3,865,900. The amount combined with the first tranche of the Offering closed in January for gross proceeds of C$3,250,000, and the second tranche, which closed in February for $698,960 has resulted in an aggregate of C$7,814,860.
Proceeds from an initial C$5 million will be harnessed for extending the successful 2021 phase 1 exploration drilling program. This would be done at the acquired Punitaqui copper project in Chile as well for working capital purposes. The additional C$5 million from the earlier upsizing of Debentures will be utilized for re-commencing operations at Punitaqui. It is also exploring interest from parties for supplying other costs estimated at C$20 million.
Battery CEO Martin Kostuik said that BMR is charging ahead on copper production in a strong copper market. Kostuik added that the financing enables confidence on a forward on achieving the next set of milestones. The CEO further said the firm is battery metal and electrification-focused and remains excited about the sector.
The firm is looking at updating the shareholders and market on advancements of Punitaqui mine as it moves towards the potential near-term resumption of operations.
