Green Battery Minerals Inc (CVE:GEM) (OTCMKTS:GBMIF) (FRA:BR2) announced plans to raise new funds to help exploration efforts at its promising Berkwood graphite project in northern Quebec.
The Vancouver-based company is issuing up to 2,037,000 flow-through units priced at $0.25 for gross proceeds of $509,250.
In a statement, the junior resource company told investors it is “moving closer” towards completing a preliminary economic assessment on the project.
READ: Green Battery Minerals hires consultant Norda Stelo for environmental gap analysis report on its Quebec graphite project
“We are very pleased to move closer to the planned PEA,” Green Battery Minerals CEO Tom Yingling said.
“Neighbouring graphite companies in Quebec have significantly higher market cap then Green Battery and management feels it is due to a lack of a positive PEA. By moving forward with the financing, it should allow the company to proceed with a much larger drill program this summer, which helps move closer to the planned PEA.
The upcoming drill program will consist of infill and step out drilling to potentially expand the already proven resource on Zone 1, which has only seen around 20% of the area drilled, Yingling said. Drilling is also planned in Zone 6, which is confirmed to contain high grade, large flake graphite.
“The Zone 6 geophysical anomaly, that has been proven accurate by channel sampling, also implies a large graphitic body at surface,” Yingling added. “This reconfirms our mission to repeat what (Mason Graphite) has done, just on our side of the claim boundary line that we share with Mason.”
Under the term sheet of the financing, each unit consists of one flow-through share and one-half of one warrant, with a whole warrant exercisable for one share priced at $0.50 for a two-year period.
Green Battery Minerals owns 100% of the Berkwood graphite project.
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