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Battery X Metals Inc (2)
Symbol BATX
Shares Issued 21,493,985
Close 2024-12-23 C$ 0.10
Market Cap C$ 2,149,399
Recent Sedar Documents

Battery X Metals closes placement, debt settlement

2024-12-26 22:45 ET - News Release

Mr. Massimo Bellini Bressi reports

BATTERY X METALS ANNOUNCES CLOSING OF NON-BROKERED PRIVATE PLACEMENT AND DEBT SETTLEMENT

Battery X Metals Inc. has closed its previously announced non-brokered private placement financing. The company issued 11,999,998 units at a price of five cents per unit for aggregate gross proceeds of $599,999.94.

Each unit consists of one common share in the capital of the company and one transferable common share purchase warrant of the company, with each warrant entitling the holder to acquire one additional share at a price of 7.5 cents per warrant share until Dec. 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 Dec. 11, 2024, it has settled debt in the aggregate amount of $600,000 owed by the company to certain insiders and creditors of the company in exchange for an aggregate of 11,999,999 units, at a price of five cents per debt settlement unit.

Each debt settlement unit consists of one common share in the capital of the company and one transferable common share purchase warrant of the company, with each debt settlement warrant entitling the holder to acquire one additional debt settlement share at a price of 7.5 cents per debt settlement warrant share until Dec. 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 per cent of the company's issued and outstanding shares to close both the private placement and the 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). 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 does not exceed 25 per cent of the company's market capitalization. As the material change report disclosing the insider settlements is being filed fewer 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.

About Battery X Metals Inc.

Battery X Metals 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 batteries, through its portfolio company, Librt (1), recovering battery-grade metals from end-of-life lithium-ion batteries, and the acquisition and exploration of battery and critical metal resources.

(1) 49-per-cent-owned portfolio company.

We seek Safe Harbor.

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