Green Battery Minerals Inc (CVE:GEM) (OTCMKTS:GBMIF) (FRA:BK2P) said it has received conditional approval and will now apply to the TSX Venture Exchange for approval to close a private placement for proceeds of $2,113,000.
Green Battery said a total of 10,565,000 units have been subscribed at $0.20 each, consisting of one common share and one warrant exercisable for two years at $0.50 cents apiece.
The company said the proceeds will be used for working capital and continued exploration on the company's properties, including:
- Potential major drill program intended to expand mine life from 15 years to 25 years;
- Impact assessment report; and
- Pursuing commercial arrangements with major graphite consumers.
READ: Goldcore Resources to start trading as Green Battery Minerals on Monday, March 22
The Green Battery management team’s most recent success is the discovery of the Berkwood Graphite resource in Northern Quebec.
The company said it may accelerate the term of the warrants issued in the event that the company's shares trade at or above $1 for a period of 10 consecutive days. In such a case of accelerated warrants, the company may give notice, in writing or by way of a news statement, to the holders that the warrants will expire 30 days from the date of providing such notice.
The company also said it has agreed to pay commissions of 8% in cash and 8% in warrants and that insiders have participated as to 200,000 units ($40,000).
Green Battery is an ESG (environmental, social and corporate governance) committed company. The green in its name and logo represents a choice in the way the company does business. The overall well-being and respect for the environment and people come first.
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