Operational Readiness
The Company is pleased to announce that effective
The exploitation permit allows BMR to extract copper ore and barren rock from the Cinabrio mine as the mine is being prepared for resumption of full production. The Company anticipates commencing pre-production maintenance activities at Cinabrio in the very near-term, including rehabilitation of existing workings, drifting and establishment of access for drilling and exploitation - all of which allows for the resumption of ore extraction.
As previously announced, an exploitation permit for the San Andres mine has been granted. The permit allows for BMR to commence drifting, ramp construction and mine development on two different elevation levels and allows for establishment of new underground exploration drilling platforms. This mine development will establish access to new zones of copper mineralization for the forthcoming mine production. Mining equipment and supplies to support these activities has been delivered and personnel recruitment is progressing well.
Repairs, replacements and upgrades of the crushing, grinding and flotation plant are progressing well, and operational commissioning of the facility is expected to begin in the latter part of Q1, 2024, followed by copper concentrate production in Q2, 2024.
The Company continues to progress towards securing the balance of the capital required for the Restart and, to date, has successfully raised
Offering Terms (as previously disclosed)
The Debentures will mature on
The holder of a Debenture may, at their option, at any time from
All Debentures issued in the Private Placement are subject to a four month hold period under applicable Canadian securities laws and under the policies of the TSXV. The Private Placement is subject to final approval by the TSXV.
Exchange Rates
All USD amounts for which CAD equivalent amounts are given in this news release were calculated at CAD/USD exchange rate of 1.3417, the exchange rate published by the
MI 61-101 Matters
Disclaimers
The Debentures (including any issued in future closings) will be sold in a transaction exempt from registration under the Securities Act of 1933, as amended (the 'Securities Act') and will be sold only to persons reasonably believed to be accredited investors in
The Debentures and the shares of common stock issuable upon conversion of the Debentures, if any, have not been and will not be registered under the Securities Act, or any state securities laws, and unless so registered, may not be offered or sold in
This press release does not constitute an offer to sell or a solicitation of an offer to buy any of the Debentures or any shares of common stock potentially issuable upon conversion of the Debentures nor shall there be any sale of Debentures (or shares issuable upon conversion thereof) in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such state.
There can be no assurance that any future offerings of Debentures will be completed.
About
Forward Looking Statements
This news release includes certain 'forward-looking statements' under applicable 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 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 (including through the Private Placement) to complete exploration and development activities, the ability of the Company to close further tranches of the Private Placement, the completion, timing and size of the proposed Private Placement, the intended use of the proceeds of the Private Placement, 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. For further information regarding the risks please refer to the risk factors discussed in Battery's most recent Management Discussion and Analysis filed on SEDAR+.
Contact:
CEO
Tel: +1 604-229-3830
Email: info@bmrcorp.com
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