Australian explorer Battery Age Minerals (ASX:BM8) is preparing to open a non-renounceable pro-rata entitlement offer on 31 May 2023 to raise about $128,000.
The company reports the funds will be used to continue development at the Falcon Lake Lithium, Tidili Copper-Gold, and Bleiberg Zinc-Lead-Germanium projects in Canada, Morocco, and Austria, respectively, along with any potential new projects, and general working capital.
Under the offer, Battery Age Minerals will offer around 25.655 million loyalty options to eligible shareholders on the basis of 1 option for every 3 shares held on the record date of 26 May 2023, at an issue price of $0.005 per loyalty option and exercisable at $0.50 per loyalty option.
Battery Age Minerals says the offer is intended to reward loyal securityholders by giving them an opportunity to participate in its growth strategy.
Battery Age Minerals says the offer is intended to reward loyal securityholders by giving them an opportunity to participate in its growth strategy
Battery Age Minerals also reports that if the maximum number of loyalty options are issued and then exercised prior to their expiry date of 27 January 2026, it may raise about $12.827 million of additional funding.
In the case any loyalty options are not taken up by eligible shareholders, the company will launch a shortfall offer which will remain open for 3 months following the closing date of the entitlement offer.
All shortfall options will be issued on the same terms as the loyalty options being sold under the entitlement offer. Battery Age Minerals reports the shortfall offer is only open to individuals invited by the company’s directors.
The company reports the loyalty options will be issued on 22 June 2023, while options under the shortfall will be issued no later than 15 September 2023.
Battery Age Minerals is an ASX-listed company focused on growing its 90% owned Falcon Lake Lithium Project in Ontario, Canada. Along with Falcon Lake, the company holds an 85% interest in the Tidili Copper-Gold Project in Morocco and a 15% interest in the Bleiberg Zinc-Lead-Germanium Project in Austria.
Falcon Lake consists of 214 mining claims covering 42.8km-square in the Caribou Lake-O’Sullivan Greenstone Belt. The project lies about 7km east of Armstrong and about 325km north-northeast of Thunder Bay.
Write to Harry Mulholland at Mining.com.au
Images: Battery Age Minerals Ltd
