Battery Mineral Resources (TSX-V:BMR) plans to raise about C$17 million ($17.2 million) to support operations at its Punitaqui Mining Complex in Chile.
The non-brokered private placement prices common shares at C$0.20 each, issuing about 85 million shares. Shares closed at C$0.18 on 28 October, giving the company a market capitalisation of about C$75.23 million.
The company intends to use the net proceeds for ongoing operations and development at Punitaqui, working capital, and general corporate purposes.
The placement follows earlier 2026 offerings under the listed issuer financing exemption (LIFE), which raised about C$12.8 million. Combined, the financings are expected to bring in about C$12.8 million. Combined, the financings are expected to bring in about C$29.8 million, exceeding the C$25 million originally contemplated.
Certain insiders, including Weston Energy or its affiliates, are expected to participate. The company is anticipating aggregate insider participation to exceed 25% of the offering.
BMR expects this related party transaction to rely on exemptions from formal valuation and minority shareholder approval requirements. It notes the fair market value will not exceed 25% of its market capitalisation.
The placement may be completed in one or more tranches, subject to regulatory approvals, including acceptance by the TSX Venture Exchange. The company may pay finders’ fees on certain subscriptions.
Battery Mineral Resources operates the Punitaqui Mining Complex in Chile’s Coquimbo region, a historic copper, gold, and silver-producing mine.
The company also holds 100% owned ESI Energy Services and North American mineral exploration assets.
Write to JC Villarba at Mining.com.au
Images: Battery Mineral Resources
