Things are coming together, just cleaning the market. Battery X settles $2.73M debt for 10.92M Premier shares
2024-05-02 11:56 ET - News Release
Mr. Mark Brezer reports
BATTERY X METALS ANNOUNCES DEBT SETTLEMENT FOR SHARES IN PREMIER SILVER CORP.
Battery X Metals Inc. has settled an outstanding debt totalling $2,731,534 owed to the company by Premier Silver Corp., a private mineral exploration company, pursuant to a debt settlement agreement. In settlement of the debt, the company will receive 10,926,136 common shares of Premier Silver (or approximately 11 per cent of the issued and outstanding common shares) at a deemed price of 25 cents per common share. The company advanced such funds to Premier Silver between second quarter of 2021 and first quarter of 2022.
Premier Silver acquired a significant silver mining land package in Peru, which includes the Mallay mine and processing plant and related exploration and development assets, known as Mallay. Premier Silver acquired it from well-known mining company Buenaventura, listed on the New York Stock Exchange, which is a global industry leader.
The Mallay mine is conveniently located about a four- to five-hour drive from Lima, just 50 minutes from Churin town, and a short three kilometres from the Mallay community. Premier Silver owns the entire 10,562.4-hectare Tres Cerros gold-silver project, Mallay mine and processing plant.
"Silver plays a pivotal role in advancing the production of electric vehicle (EV) batteries and driving the broader transition to clean energy," said Mark Brezer, chief executive officer of Battery X Metals. "Silver isn't just valued for its rarity; it stands as a key industrial material boasting electrical and thermal conductivity. We believe that our equity stake in Premier Silver will strategically position our company amidst the global demand for clean energy solutions, thereby enhancing shareholder value.
About Battery X Metals Inc.
Battery X Metals is focused on the exploration and acquisition of critical mineral and precious metal property assets in North America, and the development of battery recycling technology to support the growing demand for sustainable and environmentally friendly energy solutions. The company's Y lithium project is situated in Northern Saskatchewan and the company also holds ownership of gold and base metal mineral claims in Ontario's Red Lake mining district. Additionally, the company's wholly owned subsidiary, Battery X Recycling Technologies Inc., is dedicated to developing innovative technologies for recovering high-value battery metals and facilitating urban mining from end-of-life lithium-ion batteries.
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