Battery Mineral Resources Corp. announced a non-brokered private placement offering to issue 10% senior unsecured convertible debentures for the gross proceeds of CAD 8,200,000 on October 17, 2023. In connection with the Private Placement, the Company is also proposing to issue up approximately CAD 21,000,000 in Debentures to its existing debtholders to refinance substantially all of the Company?s outstanding indebtedness.

The Debentures will mature on September 30, 2026 and will bear interest at 10% per annum, compounding annually on September 30 of each year, not in advance. Interest accrued from the date of issuance and up to and including March 30, 2025, will be paid by way of issuance of common shares of the Company. Interest accrued following March 30, 2025, will be, at the option of the holder, paid either in cash or by way of issuance of common shares of the Company.

The issuance of common shares as payment of interest will be at the then current market price of the Company?s common shares at the date the interest becomes payable and will be subject to the prior acceptance of the TSX Venture Exchange and applicable securities laws. The Debenture financing is anticipated to close in two or more tranches, with the first closing anticipated to occur on or about October 19, 2023. Weston Energy II LLC, a portfolio company of Yorktown Partners LLC, and an existing shareholder of the Company, has committed to purchase CAD 4,100,000 in principal amount of Debentures.