Battery Mineral Resources Corp. (TSXV: BMR) (âBatteryâ or the âCompanyâ) is pleased to announce that it intends to complete a non-middleman private placement in order to raise gross proceeds of up to $ 800,000 (the â Offer â) through the issuance of up to 1,025,641 common shares in the capital of the Company issued on a flow-through basis (each, oneâ FT share â) at a price of $ 0.78 per FT share . These funds will be used to finance the continuation of the Company’s 2021 Canadian exploration programs in Ontario.
FT’s shares will be qualified as âflow-through sharesâ for the purposes of the Income Tax Act (Canada). The gross proceeds of the Offering will be used to incur eligible exploration expenses on the Company’s Cobalt District exploration project in Ontario. Use of the product will be used to continue advancing sampling, mapping, assay and up to 3,000 meters of core drilling in support of the expansion of our successful cobalt exploration program in the northern Ontario. In particular, exploration will focus on our Gowganda, Elk Lake, Wilder and McAra properties (Figure 1).
The offer is expected to close on or around August 31, 2021. FT shares issued under the offer will be subject to a legal hold period of four months and one day. Completion of the Offering is subject to a number of conditions, including, without limitation, obtaining approval from the TSX Venture Exchange (âTSXVâ). Finder’s Fees may be paid to Eligible Finders in accordance with TSXV policies of a cash commission of up to 6% of the gross proceeds raised in connection with the Offering.
At Gowganda, specifically East Gowganda, the holes will target the horizon which is the upper diabase contact along the eastern flank of the Nipissing diabase sill. Historically, this contact was the main deposit of ore in the Gowganda mining camp which produced 60.1 million ounces of silver and 1.3 million pounds of cobalt from 1910 to 1989. In addition, the identification of targets using geophysics has proven to be invaluable. Three-dimensional induced polarization (“3D-IP”) surveys at East Gowganda identified several high chargeability anomalies which could indicate sulphide mineralization as well as a number of low chargeability which were interpreted as alteration zones. potential.
The summer and fall fieldwork program, including prospecting, geological mapping, rock sampling, targeting of known cobalt-silver mineral showings and historical work, aims to identify highly new targets. priority for drilling, trenching and ground geophysical surveys.
Figure 1: Position of BMR lands in Cobalt Bay
To view an improved version of Figure 1, please visit:
PJ Doyle, FAusIMM (# 208850), Battery Mineral Resources Corp. – Vice-President Exploration – Canada, supervised the preparation and approved the scientific and technical information contained in this press release concerning the Canadian Exploration Program.
Scientific and technical information relating to the cobalt resource at McAra was taken from the Company’s National Instrument 43-101 âTechnical Report on Cobalt Exploration Assets in Canadaâ dated May 26, 2020 with an entry date. effective March 31, 2020, prepared by Glen Cole (P. Geo) of SRK Consulting (Canada) Inc.
About Battery Mineral Resources Corp.
Battery is a multi-product resource company that provides investors with exposure to the global trend in electrification. Battery is engaged in the discovery, acquisition and development of battery metals (cobalt, lithium, graphite, nickel and copper), in North and South America and South Korea with the intention of becoming a supplier of foreground and durable battery minerals for electrification. Marlet. Battery is the largest holder of mining claims in the historic Gowganda Cobalt-Silver camp, Canada and continues to pursue a targeted program to build on the +1 million pound cobalt resources recently announced at McAra by testing more of 50 high grade primary cobalt-silver. nickel-copper targets. In addition, Battery owns 100% of ESI Energy Services, Inc., a pipeline equipment rental and sales company based in Leduc, Alberta, and Phoenix, Arizona. Finally, Battery is currently developing the Punitaqui mining complex and pursuing the potential short-term resumption of operations at the former Punitaqui copper-gold mine. The Punitaqui copper-gold mine recently produced approximately 21,000 tonnes of copper concentrate in 2019 and is located in the Coquimbo region of Chile.
For more information, please contact:
Battery Mineral Resources Corp.
Telephone: +1 (604) 229 3830
Email: [email protected]
The securities offered under the private placement have not been and will not be registered under the US Securities Act of 1933, as amended (the âU.S. Securities Law“) or any US state securities law, and may not be offered or sold in the United States or to, or on behalf of or for the benefit of, persons of the United States in the absence of registration or any applicable exemption from the registration requirements of the US Securities Act and applicable US state securities laws. This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities in the United States, and there will be no sale of such securities in any jurisdiction in which such offering, solicitation or sale would be illegal.
Neither TSXV nor its Regulation Services Provider (as that term is defined in the policies of TSXV) accepts responsibility for the adequacy or accuracy of this press release.
This press release includes certain “forward-looking statements” under applicable Canadian securities laws. 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 as of the date the statements are made and are based on a number of assumptions and estimates which, although considered reasonable by the Company, are intrinsically subject to important commercial, economic and competitive conditions. , uncertainties and political and social contingencies. Many factors, known and unknown, could cause actual results, performance or achievements to differ materially from the results, performance or achievements which are or may be expressed or implied by these forward-looking statements and the parties have made assumptions. and estimates. based on or related to more than one of these factors. These factors include, without limitation, the Company’s ability to obtain sufficient financing to carry out exploration and development activities, risks associated with share prices and market conditions, risks inherent in mining, exploration and development, government regulations and fluctuating metal prices. Therefore, readers should not place undue reliance on forward-looking statements. Battery assumes no obligation to publicly update or otherwise revise any forward-looking statements contained herein, whether as a result of new information or future events or otherwise, except as required by law.
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