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Battery X Metals (BATXF) has completed two significant financial transactions: a non-brokered private placement and a debt settlement. The private placement raised $599,999.94 through issuing 11,999,998 units at $0.05 per unit, with each unit comprising one common share and one warrant exercisable at $0.075 until December 24, 2026. Additionally, the company settled $600,000 in debt through issuing 11,999,999 similar units to insiders and creditors. Both transactions’ securities are subject to a hold period until April 25, 2025. The company plans to use the private placement proceeds for working capital and outstanding payables.
Battery X Metals (BATXF) ha completato due transazioni finanziarie significative: un collocamento privato non mediato e un accordo di estinzione del debito. Il collocamento privato ha raccolto $599,999.94 attraverso l’emissione di 11,999,998 unità a $0.05 per unità, con ogni unità composta da un’azione comune e un warrant esercitabile a $0.075 fino al 24 dicembre 2026. Inoltre, l’azienda ha estinto $600,000 di debito emettendo 11,999,999 unità simili a insiders e creditori. I titoli di entrambe le transazioni sono soggetti a un periodo di blocco fino al 25 aprile 2025. L’azienda prevede di utilizzare i proventi del collocamento privato per capitale circolante e pagamenti in sospeso.
Battery X Metals (BATXF) ha completado dos transacciones financieras significativas: un colocación privada no intermediada y un acuerdo de liquidación de deuda. La colocación privada recaudó $599,999.94 a través de la emisión de 11,999,998 unidades a $0.05 por unidad, con cada unidad compuesta por una acción común y un warrant ejercitable a $0.075 hasta el 24 de diciembre de 2026. Además, la empresa liquidó $600,000 en deuda mediante la emisión de 11,999,999 unidades similares a personas cercanas y acreedores. Los valores de ambas transacciones están sujetos a un período de bloqueo hasta el 25 de abril de 2025. La empresa planea usar los ingresos de la colocación privada para capital de trabajo y cuentas por pagar pendientes.
Battery X Metals (BATXF)는 두 가지 중요한 금융 트랜잭션을 완료했습니다: 중개 없는 사모 배급과 채무 정산입니다. 사모 배급을 통해 11,999,998 단위를 개당 $0.05에 발행하여 $599,999.94를 모집했으며, 각 단위는 하나의 보통주와 2026년 12월 24일까지 $0.075에 행사 가능한 하나의 워런트로 구성됩니다. 또한, 회사는 내부자와 채권자에게 11,999,999개의 유사한 단위를 발행하여 $600,000의 채무를 정산했습니다. 두 거래의 유가는 2025년 4월 25일까지 보유 기간이 적용됩니다. 회사는 사모 배급 수익을 운영 자본과 미지급금에 사용할 계획입니다.
Battery X Metals (BATXF) a finalisé deux transactions financières importantes : un placement privé non intermédiaire et un règlement de dette. Le placement privé a permis de lever 599 999,94 $ grâce à l’émission de 11 999 998 unités à 0,05 $ l’unité, chaque unité comprenant une action ordinaire et un bon de souscription exerçable à 0,075 $ jusqu’au 24 décembre 2026. De plus, la société a réglé 600 000 $ de dettes en émettant 11 999 999 unités similaires aux initiés et créanciers. Les valeurs mobilières des deux transactions sont soumises à une période de blocage jusqu’au 25 avril 2025. La société prévoit d’utiliser les produits du placement privé pour le fonds de roulement et les créances à payer.
Battery X Metals (BATXF) hat zwei bedeutende Finanztransaktionen abgeschlossen: eine nicht vermittelte Privatplatzierung und eine Schuldenregelung. Die Privatplatzierung hat $599.999,94 durch die Emission von 11.999.998 Einheiten zu je $0,05 pro Einheit erzielt, wobei jede Einheit aus einer Stammaktie und einem bis zum 24. Dezember 2026 ausübbaren Warrant zu $0,075 besteht. Darüber hinaus hat das Unternehmen $600.000 an Schulden durch die Emission von 11.999.999 ähnlichen Einheiten an Insider und Gläubiger beglichen. Die Wertpapiere beider Transaktionen unterliegen einer Haltedauer bis zum 25. April 2025. Das Unternehmen plant, die Erlöse aus der Privatplatzierung für Betriebskapital und ausstehende Verbindlichkeiten zu verwenden.
Positive
- Raised approximately $600,000 through private placement financing
- Reduced debt obligations by $600,000 through debt settlement
- Obtained 52% shareholder approval for both transactions
Negative
- Significant dilution through issuance of nearly 24 million new units
- Low unit pricing at $0.05 indicates weak market position
- Related party transactions with insiders may raise governance concerns
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
VANCOUVER, BC / ACCESSWIRE / December 24, 2024 / Battery X Metals Inc. (CSE:BATX)(OTCQB:BATXF)(FSE:R0W, WKN:A3EMJB)(“Battery X Metals” or the “Company“) announces the closing of its previously announced non-brokered private placement financing (the “Private Placement“). The Company issued 11,999,998 units (each, a “Unit“) at a price of $0.05 per Unit for aggregate gross proceeds of $599,999.94.
Each Unit consists of one common share in the capital of the Company (each, a “Share“) and one transferable common share purchase warrant of the Company (each, a “Warrant“), with each Warrant entitling the holder to acquire on additional Share (each, a “Warrant Share“) at a price of $0.075 per Warrant Share Until December 24, 2026.
The Company intends to use the proceeds raised from the Private Placement for general working capital and outstanding payables. The securities issued under the Private Placement will be subject to a statutory hold period in accordance with applicable securities laws of four months and one day from the date of issue, expiring April 25, 2025.
Debt Settlement
The Company also announces that further to its news release dated December 11, 2024, it has settled debt in the aggregate amount of $600,000 (the “Debt Settlement“) owed by the Company to certain insiders and creditors of the Company in exchange for an aggregate of 11,999,999 units (each, a “Debt Settlement Unit“), at a price of $0.05 per Debt Settlement Unit.
Each Debt Settlement Unit consists of one common share in the capital of the Company (each, a “Debt Settlement Share“) and one transferable common share purchase warrant of the Company (each, a “Debt Settlement Warrant“), with each Debt Settlement Warrant entitling the holder to acquire on additional Debt Settlement Share (each, a “Debt Settlement Warrant Share“) at a price of $0.075 per Debt Settlement Warrant Share Until December 24, 2026.
The securities issued under the Debt Settlement will be subject to a statutory hold period in accordance with applicable securities laws of four months and one day from the date of issue, expiring April 25, 2025.
The Company obtained shareholder approval by written consent from shareholders (excluding Related Parties) holding approximately 52% of the Company’s issued and outstanding Shares to close both the Private Placement and Debt Settlement, in accordance with Policy 4.6(2)(a)(i)(2) of the Canadian Securities Exchange.
The debt settlements with Massimo Bellini Bressi and Dallas Pretty (the “Insider Settlements“) are “related party transactions” within the meaning of Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions (“MI 61-101“). The Insider Settlements are exempt from the valuation requirement of MI 61-101 by virtue of the exemptions contained in section 5.5(b) of MI 61-101 as the Company’s common shares are not listed on a specified market and from the minority shareholder approval requirements of MI 61-101 by virtue of the exemption contained in section 5.7(1)(a) of MI 61-101 in that the fair market value of the Insider Settlements do not exceed 25% of the Company’s market capitalization. As the material change report disclosing the Insider Settlements is being filed less than 21 days before the transaction, there is a requirement under MI 61‐101 to explain why the shorter period was reasonable or necessary in the circumstances. In the view of the Company, it is necessary to immediately close the Insider Settlements and therefore, such shorter period is reasonable and necessary in the circumstances to improve the Company’s financial position.
None of the securities acquired in the Private Placement and Debt Settlement will be registered under the United States Securities Act of 1933, as amended (the “1933 Act“), and none of them may be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the 1933 Act. This news release shall not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of the securities in any state where such offer, solicitation, or sale would be unlawful.
About Battery X Metals Inc.
Battery X Metals (CSE:BATX)(OTCQB:BATXF)(FSE:R0W, WKN:A3EMJB) is committed to advancing the global clean energy transition through the development of proprietary technologies and domestic battery and critical metal resource exploration. The Company focuses on extending the lifespan of electric vehicle (EV) batteries, through its portfolio company, LIBRT1, recovering battery grade metals from end-of-life lithium-ion batteries, and the acquisition and exploration of battery and critical metals resources. For more information, visit batteryxmetals.com.
149% owned Portfolio Company
On Behalf of the Board of Directors
Massimo Bellini Bressi, Director
For further information, please contact:
Massimo Bellini Bressi
Chief Executive Officer
Email: mbellini@batteryxmetals.com
Tel: (604) 741-0444
Disclaimer for Forward-Looking Information
This news release contains forward-looking statements within the meaning of applicable securities laws, including statements related to the use of proceeds of the Private Placement. Forward-looking statements reflect management’s current beliefs, expectations, and assumptions based on available information as of the date of this release. However, these statements are subject to risks, uncertainties, and other factors that could cause actual results to differ materially from those expressed or implied. Such risks include, but are not limited to the ability of the Company to execute on its business strategy, obtain additional financing and funds as required and on market terms, and susceptibility to fluctuations in the market and the industries in which the Company operates. Additional details regarding risks and uncertainties are available in the Company’s filings on SEDAR+. The forward-looking statements in this news release are made as of the date hereof, and Battery X Metals disclaims any intention or obligation to update or revise such statements, except as required by law. Investors are cautioned not to place undue reliance on these forward-looking statements.
SOURCE: Battery X Metals
View the original press release on accesswire.com
FAQ
How much did Battery X Metals (BATXF) raise in its December 2024 private placement?
Battery X Metals raised $599,999.94 through issuing 11,999,998 units at $0.05 per unit.
What is the exercise price and expiration date for BATXF’s new warrants?
The warrants are exercisable at $0.075 per share until December 24, 2026.
How much debt did Battery X Metals (BATXF) settle in December 2024?
The company settled $600,000 in debt through issuing 11,999,999 units at $0.05 per unit.
When does the hold period expire for BATXF’s new securities?
The statutory hold period for the new securities expires on April 25, 2025.
What will Battery X Metals use the private placement proceeds for?
The company intends to use the proceeds for general working capital and outstanding payables.
