Battery X Metals closes $2.4 million private placement financing

Battery X Metals Inc. (CSE:BATX)(OTCQB: BATXF)(FSE:R0W) completed a non-brokered private placement financing for gross proceeds of $2.41 million, the company announced January 19.

The financing involved issuing 946,075 units at $2.55 per unit, with each unit consisting of one common share and one warrant. The warrants allow holders to purchase additional shares at $3.00 each until January 16, 2028.

Jeffrey Greenberg, a former director and executive of Skechers USA Inc. and current advisory board member, participated in the financing. The company paid $4,845 in finder fees related to the placement.

Battery X Metals also settled $408,289 in outstanding debt by issuing 90,727 shares at a deemed price of $4.50 per share. Securities from both transactions are subject to a hold period expiring May 17, 2026.

The company plans to use proceeds for corporate development, regulatory matters, paying outstanding obligations, corporate awareness initiatives, and general working capital. The funds will support the company's battery metals strategy covering exploration, rebalancing, and recycling operations.

"Closing this financing represents an important milestone for Battery X Metals," said Chief Executive Officer Massimo Bellini Bressi. "The completion of this financing provides additional capital to further advance our integrated battery lifecycle strategy and support execution across our next phase of growth."

The debt settlements with three directors constitute related party transactions under Canadian securities regulations. The transactions are exempt from certain requirements as the fair market value does not exceed 25% of the company's market capitalization.

Battery X Metals is an energy transition resource exploration and technology company focused on battery metals exploration, lithium-ion battery rebalancing, and recycling initiatives.

You May Also Be Interested In

• H.B. Fuller receives $1.1B-$1.2B bid for building adhesives unit
• Gaxos.ai Inc. (GXAI) Reports Q2 EPS of $0.02
• Cabot prices $350 million in senior notes due 2029