Battery Mineral Sources (TSXV:BMR,OTCQB:BTRMF) is aiming to renew operations at its Punitaqui mission in Chile and convey it into manufacturing in 2024, in keeping with Martin Kostuik, the corporate’s CEO.
“Job one for us is, to start with, allocating the capital and resuming operations at Punitaqui. And that’s going to be very thrilling for shareholders as a result of we will likely be one of many solely two firms placing a copper mine into manufacturing in 2024,” he mentioned.
“Now we have a 3 half course of that we’re going by to carry funds into the corporate, to place it into manufacturing. One half is a convertible debenture. One other half could be a small piece of debt towards the money flows of one in all our working entities … and the third leg of that stool could be a chunk of debt towards a few of the property down on the Punitaqui mine.”
BMR not too long ago introduced the second closing of a non-public placement of senior unsecured convertible debentures for gross proceeds of US$1.915 million, bringing the entire quantity of latest funding raised through 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 12 months.
Watch the complete interview with Battery Mineral Sources CEO Martin Kostuik above.
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