Battery Mineral Resources (TSX.V: BMR) (OTCQB: BTRMF), a battery minerals company providing shareholders exposure to the global megatrend of electrification, and its wholly owned subsidiary, ESI Energy Services Inc. (“ESI”) has entered into a C$8 million credit agreement. The agreement is with Fiera Enhanced Private Debt Fund. According to the announcement, ESI has drawn the first advance of C$5 million under the credit agreement with a second advance of up to C$3 million available before May 15, 2024, subject to the satisfaction of specified conditions. The company noted that the net proceeds from the agreement will be used toward the restart of copper concentrate production at its Punitaqui Project in Chile. In addition, the company made several other announcements, including the following: it has drawn $5 million under its Copper Concentrate Prepay facility with Javelin Global Commodities; it has a private placement offering of unsecured convertible debentures for total gross proceeds of up to $400,000 with proceeds applied toward the restart of production at the Punitaqui Project and working capital; and Derek White has resigned as director of the company, effective as of March 11, 2024.
“Personnel hiring for the resumption of full operations at Punitaqui remains on schedule,” said the company in the press release. “Mine maintenance at the San Andres mine is nearly complete with mine maintenance at the Cinabrio mine, the original mine, which served to supply the Punitaqui plant with copper mineralized material for the 10-plus years of prior operations, is well underway. All activities in the mines and the plant, which are aimed at full operational commissioning of the plant in the near term and plant start-up in Q2 of 2024, are also progressing well.”
To view the full press release, visit https://ibn.fm/XX9Lg
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 one-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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