Battery Mineral Sources (TSXV:BMR,OTCQB:BTRMF) is aiming to renew operations at its Punitaqui challenge in Chile and convey it into manufacturing in 2024, in response to Martin Kostuik, the corporate’s CEO.
“Job one for us is, initially, allocating the capital and resuming operations at Punitaqui. And that’s going to be very thrilling for shareholders as a result of we shall be one of many solely two firms placing a copper mine into manufacturing in 2024,” he mentioned.
“We’ve a 3 half course of that we’re going via to carry funds into the corporate, to place it into manufacturing. One half is a convertible debenture. One other half can be a small piece of debt in opposition to the money flows of one among our working entities … and the third leg of that stool can be a chunk of debt in opposition to among the belongings down on the Punitaqui mine.”
BMR just lately introduced the second closing of a non-public placement of senior unsecured convertible debentures for gross proceeds of US$1.915 million, bringing the whole quantity of recent funding raised by way of issuance of the debentures to US$3.285 million, together with the primary and second closings.
For Kostuik, the Punitaqui mine is a compelling funding alternative that has traditionally generated $30 million to $50 million in EBITDA per yr.
Watch the complete interview with Battery Mineral Sources CEO Martin Kostuik above.
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