Vancouver, British Columbia – (Nov 7, 2022) – Battery Mineral Resources Corp. (TSXV: BMR) (OTCQB: BTRMF) (“Battery” or “BMR” or the “Company”) is pleased to announce that it has closed a sale transaction on an industrial real estate property located at 7506 43rd Street Leduc, Alberta (the “Property”), previously held by BMR’s 100%-owned ESI Energy Services, Inc., which operates in the equipment rental and sales sector, servicing pipeline and renewable energy companies (the “Transaction”).
The Transaction raised net proceeds of approximately C$2.0 million, after the repayment of all indebtedness on the Property and the payment of transaction costs. Proceeds from the Transaction will be applied towards advancing the Punitaqui copper mine towards a re-start and initial production, and for additional working capital.
The Company’s Punitaqui Mining Complex, a past producing copper-gold mine located in the Coquimbo region of Chile. The Company is currently negotiating with interested parties to supply the balance of the re-start capital via additional non-dilutive avenues.
Battery CEO Martin Kostuik states: “We are very pleased to announce the closing of the sale for the non-core Leduc, Alberta real estate property. Through the process of optimizing ESI’s business model, we found that operating the shop in Leduc was not accretive to the business. ESI was no longer using it and a sale process was initiated. The transaction represents a creative, non-dilutive means for BMR to raise capital, which we will apply in the near-term towards preparing for the re-start of operations at Punitaqui. We look forward to sharing ongoing updates on additional financing initiatives and other key milestones, as we advance towards restarting mine operations followed by copper production and positive cash-flow at Punitaqui.”
About Battery Mineral Resources Corp.
Battery Mineral Resources is a battery minerals company providing shareholders exposure to the global mega-trend of electrification while being focused on growth through cash-flow, exploration, and acquisitions in favourable 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, to become a premier and responsible supplier of battery minerals to the electrification marketplace. BMR is currently pursuing a potential near-term resumption of operations in late 2022 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, +1-million-pound 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 Arizona, USA. Battery Minerals Resources is based in Canada and its shares are listed on the Toronto Venture Exchange under the symbol “BMR” and on the OTCQB under the symbol “BTRMF”. Further information about BMR and its projects can be found on www.bmrcorp.com.
For more information, please contact:
Martin Kostuik, CEO
Phone: +1 (604) 229 3830
Mars Investor Relations
+1 (604) 335-1976
Harbor Access Corp.
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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, the ability of the Company to meet its anticipated development schedule, 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.