Battery X Metals announces $2 million private placement and debt settlement

Battery X Metals Inc. (CSE: BATX) announced a private placement financing of up to $2 million and a debt settlement initiative to strengthen its balance sheet.

The company plans to issue up to 727,272 units at $2.75 per unit. Each unit consists of one common share and one warrant, with warrants allowing holders to purchase additional shares at $3.00 each for 24 months from closing.

The financing is expected to close on or about June 12, 2026, subject to Canadian Securities Exchange approval. Net proceeds will fund business initiatives including corporate development, regulatory matters, outstanding payables, and working capital.

Battery X Metals also intends to settle up to $250,000 in outstanding debt through the issuance of 83,333 common shares at a deemed price of $3.00 per share. This debt settlement is also expected to close around June 12, 2026.

Company insiders may participate in both the private placement and debt settlement. The company stated it intends to rely on exemptions from formal valuation and minority shareholder approval requirements under securities regulations, as insider participation in the debt settlement will not exceed 25% of the company's market capitalization.

Securities issued under both transactions will be subject to a four-month and one-day statutory hold period.

Battery X Metals describes itself as an energy transition resource exploration and technology company focused on battery metals exploration, battery lifespan extension, and recycling of lithium-ion batteries and materials.

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