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  • CNW Group

    BatteryOne Completes an Oversubscribed Private Placement for $5.85 million

    VANCOUVER , Feb. 25, 2020 /CNW Telbec/ - BatteryOne Royalty Corp. ("BatteryOne" or the "Company") is pleased to announce that it has sold 11,693,172 special warrants ("Special Warrants") for aggregate gross proceeds of C$5,846,586 by way of non-brokered private placement (the "Closing"). A total of approximately C$3 .0mm ( US$2 .25mm) from the Closing was used as an initial payment on a 2.0% net smelter royalty ("NSR") on future copper production on the Cantarito claim of the La Fortuna deposit ("La Fortuna Deposit") within the NuevaUnion project, a 50-50 joint venture between Teck Resources Limited and Newmont Corporation (see the Company's news release dated February 18, 2020 ). The Company will make a further payment of approximately C$1 .0mm ( US$0 .75mm) in 12 months to complete its payment obligations prior to the start of commercial production from the royalty area.