Battery X Metals Commences Strategic Initiatives to Strengthen Balance Sheet
Battery X Metals has initiated strategic measures to strengthen its balance sheet, focusing on reducing outstanding liabilities through debt settlements and amended marketing agreements. The company aims to reduce accounts payable, accrued liabilities, and working capital commitments by approximately $261,000. The initiatives include debt settlements worth up to $111,000 through share issuance at $0.10 per share, and amendments to marketing agreements with Pivotal CM and Sidis Holdings, resulting in the cancellation of $150,000 in remaining obligations. The company also appointed Howard Blank as an independent director and Audit Committee Chair.
Battery X Metals ha avviato misure strategiche per rafforzare il proprio bilancio, concentrandosi sulla riduzione delle passività tramite accordi di risoluzione del debito e modifiche agli accordi di marketing. L'azienda mira a ridurre i debiti commerciali, le passività accumulate e gli impegni patrimoniali di circa $261.000. Le iniziative includono risoluzioni di debito fino a $111.000 tramite emissione di azioni a $0,10 per azione e modifiche agli accordi di marketing con Pivotal CM e Sidis Holdings, che si traducono nella cancellazione di $150.000 di obbligazioni rimanenti. L'azienda ha anche nominato Howard Blank come direttore indipendente e presidente del comitato di revisione.
Battery X Metals ha iniciado medidas estratégicas para fortalecer su balance, enfocándose en reducir las pasivos pendientes a través de acuerdos de liquidación de deudas y enmiendas a los acuerdos de marketing. La empresa busca reducir las cuentas por pagar, las pasivos acumulados y los compromisos de capital de trabajo en aproximadamente $261,000. Las iniciativas incluyen liquidaciones de deuda por un valor de hasta $111,000 mediante la emisión de acciones a $0.10 por acción, y enmiendas a los acuerdos de marketing con Pivotal CM y Sidis Holdings, resultando en la cancelación de $150,000 en obligaciones restantes. La empresa también nombró a Howard Blank como director independiente y presidente del comité de auditoría.
배터리 X 금속은 재무 상태를 강화하기 위해 전략적 조치를 시작했으며, 부채 해결 및 수정된 마케팅 계약을 통해 미지급 부채를 줄이는 데 집중하고 있습니다. 이 회사는 약 $261,000만큼 외상 매출채권, 발생 채무 및 운영 자본 의무를 줄이는 것을 목표로 하고 있습니다. 이니셔티브에는 주당 $0.10에 주식 발행을 통한 $111,000의 부채 해결이 포함되며, Pivotal CM 및 Sidis Holdings와의 마케팅 계약 수정으로 남은 의무 $150,000가 취소됩니다. 회사는 또한 하워드 블랭크를 독립 이사이자 감사 위원회 의장으로 임명했습니다.
Battery X Metals a lancé des mesures stratégiques pour renforcer son bilan, en se concentrant sur la réduction des passifs en cours par le biais de règlements de dettes et d'amendements aux contrats de marketing. L'entreprise vise à réduire les comptes fournisseurs, les passifs accumulés et les engagements de fonds de roulement d'environ $261,000. Les initiatives comprennent des règlements de dettes pouvant atteindre $111,000 par l'émission d'actions à 0,10 $ par action, ainsi que des modifications des contrats de marketing avec Pivotal CM et Sidis Holdings, entraînant l'annulation de $150,000 d'obligations restantes. L'entreprise a également nommé Howard Blank en tant que directeur indépendant et président du comité d'audit.
Battery X Metals hat strategische Maßnahmen ergriffen, um ihre Bilanz zu stärken, indem sie sich auf die Reduzierung ausstehender Verbindlichkeiten durch Schuldenregelungen und geänderte Marketingvereinbarungen konzentriert. Das Unternehmen beabsichtigt, die Verbindlichkeiten aus Lieferungen und Leistungen, die angesammelten Verbindlichkeiten und die Betriebsverpflichtungen um etwa $261.000 zu reduzieren. Zu den Initiativen gehören Schuldenregelungen im Wert von bis zu $111.000 durch die Ausgabe von Aktien zu je $0,10 pro Aktie sowie Änderungen der Marketingvereinbarungen mit Pivotal CM und Sidis Holdings, die zur Streichung von $150.000 verbleibender Verpflichtungen führen. Das Unternehmen hat außerdem Howard Blank als unabhängigen Direktor und Vorsitzenden des Prüfungsausschusses ernannt.
- Reduction of total liabilities by $261,000 through debt restructuring
- Cancellation of $150,000 in marketing agreement obligations
- Debt-to-equity conversion at above-market rates
- Share dilution through issuance of 3,518,000 new common shares for debt settlement
VANCOUVER, BC / ACCESSWIRE / November 21, 2024 / Battery X Metals Inc. (CSE:BATX)(OTCQB:BATXF)(FSE:R0W, WKN:A3EMJB) ("Battery X Metals" or the "Company") is pleased to announce it has commenced several initiatives to strengthen its balance sheet for future growth. This strategy focuses on reducing outstanding liabilities through amended marketing agreements and debt settlements, aligning management's interests with those of shareholders through management participation.
"These initiatives, including the debt settlements, and amended marketing agreements, are essential to strengthening our working capital position," said Massimo Bellini Bressi, CEO of Battery X Metals. "This strategy strengthens the Company's balance sheet and positions the Company for future growth, initiatives we believe will enable us to capitalize on emerging opportunities and deliver value to our shareholders."
The initiatives outlined are expected to reduce the Company's accounts payable, accrued liabilities, and working capital commitments by up to approximately
Battery X Metals' mission is to advance the clean energy transition by pioneering technologies that diagnose and extend electric vehicle battery life1, recover battery-grade materials from end-of-life lithium-ion batteries, and acquire & explore battery and critical metal exploration assets. As demand for battery metals increases, the Company is committed to implementing sustainable practices that reduce environmental impact. With a comprehensive 360° approach to lithium-ion battery recycling, lifespan extension, and exploration assets, Battery X Metals aims to set the industry standard, contributing to a cleaner, greener future.
Proposed Above Market Debt Settlements with Insiders and Creditors
The Company announces its intention to strengthen its balance sheet through proposed above-market debt settlements with certain insiders and creditors of the Company. The total aggregate value of the proposed debt settlements is up to
Up to
$37,500 owed to certain creditors of the Company in exchange for an aggregate of 2,783,000 common shares at a deemed price of$0.10 per share which will be subject to a hold period of four months and one day in accordance with applicable securities laws and CSE policies.Up to
$73,500 owed to certain creditors and consultants of the Company in exchange for an aggregate of 735,000 common shares at a deemed price of$0.10 per share. The Company may seek a waiver from the CSE to issue some or all of these common shares without a CSE hold period of four months and one day.
Closing of the debt settlement is expected to occur on November 28, 2024 following the expiration of the CSE Review Period.
Amended Corporate Awareness Agreements
On March 11, 2024, the Company entered into an agreement with Pivotal CM Limited ("Pivotal") for a 3-month term to enhance public awareness of the Company, its services, and securities through online marketing, SEO, digital branding campaigns, media consulting, business development, and multimedia content creation. The agreement required
On August 13, 2024, the Company entered into a 3-month agreement with Sidis Holdings Limited ("Sidis") for corporate marketing and awareness services, with
Appointment of Independent Director
The Company is pleased to announce the appointment of Howard Blank as an independent director, Audit Committee member and Chair of the Audit Committee of the Company, effective November 15, 2024. The Audit Committee is comprised of Mr. Blank, Mr. Bellini Bressi, and Mr. Markin.
Mr. Blank brings over 30 years of senior executive experience across the media, gaming, entertainment, and philanthropic sectors. As Vice President of Media, Entertainment & Responsible Gaming at Great Canadian Gaming Corporation (TSX:GC), he was instrumental in forming and managing relationships with major partners, including Canucks Sports and Entertainment, MGM Resorts, Caesars Entertainment, White Spot Restaurants, Fremantle Media, and Paramount Pictures. He also served as the industry and corporate spokesperson and led the development of entertainment and auxiliary services for premier properties such as the River Rock Casino Resort and the Hard Rock Casino. Mr. Blank has extensive experience navigating multi-stakeholder relationships across Europe, Asia, and North America.
An active member of various non-profit and public boards, Mr. Blank has helped raise significant capital through his philanthropic initiatives. His community contributions have been recognized with the Order of Canada's Sovereign Medal for Volunteers, the British Columbia Community Achievement Medal, the Canadian Gaming Association's Lifetime Display of Excellence Award, and the Diamond Jubilee Medal, among other honors.
Related Party Matters
The proposed debt settlement with Massimo Bellini Bressi (the "Insider Settlement") is a "related party transaction" within the meaning of Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions ("MI 61-101"). The Insider Settlement is exempt from the valuation requirement of MI 61-101 by virtue of the exemptions contained in section 5.5(b) of MI 61-101 as the Company's common shares are not listed on a specified market and from the minority shareholder approval requirements of MI 61-101 by virtue of the exemption contained in section 5.7(1)(a) of MI 61-101 in that the fair market value of the Insider Settlement will not exceed
None of the securities acquired in the debt settlement will be registered under the United States Securities Act of 1933, as amended (the "1933 Act"), and none of them may be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the 1933 Act. This news release shall not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of the securities in any state where such offer, solicitation, or sale would be unlawful.
1
About Battery X Metals Inc.
Battery X Metals Inc. (CSE:BATX) (OTCQB:BATXF) (FSE:R0W, WKN:A3EMJB) is committed to advancing North America's clean energy transition through the development of proprietary technologies and domestic battery and critical metal resource exploration. The Company focuses on extending the lifespan of electric vehicle (EV) batteries, through its portfolio company, LIBRT1, recovering battery grade metals from end-of-life lithium-ion batteries, and the acquisition and exploration of battery and critical metals resources. For more information, visit batteryxmetals.com.
On Behalf of the Board of Directors
Massimo Bellini Bressi, Director
For further information, please contact:
Massimo Bellini Bressi
Chief Executive Officer
Email: mbellini@batteryxmetals.com
Tel: (604) 741-0444
Disclaimer for Forward-Looking Information
This news release contains forward-looking statements within the meaning of applicable securities laws, including statements regarding the Company's initiatives to strengthen its balance sheet, such as proposed debt settlements with insiders and creditors and amended marketing agreements. Forward-looking statements also include the anticipated improvement in the Company's working capital position, reduction of liabilities, and the belief that these initiatives will enable the Company to capitalize on emerging opportunities, enhance its financial position, and deliver value to shareholders. Additional forward-looking statements include expectations regarding the timeline and regulatory approvals for closing the proposed debt settlements; the successful development, commercialization, and implementation of the Company's proprietary battery technologies; and the exploration and development of critical metal assets.
Forward-looking statements reflect management's current beliefs, expectations, and assumptions based on available information as of the date of this release. However, these statements are subject to risks, uncertainties, and other factors that could cause actual results to differ materially from those expressed or implied. Such risks include, but are not limited to, failure to complete the debt settlements or receive necessary regulatory approvals, including those from the CSE; challenges in developing and commercializing proprietary technologies; market volatility; changes in regulatory frameworks; operational delays; and risks associated with exploration and development projects, including environmental, geological, and permitting challenges. The Company also faces risks related to economic conditions, competitive pressures, and execution challenges in implementing its business strategies. Additional details regarding risks and uncertainties are available in the Company's filings on SEDAR+. The forward-looking statements in this news release are made as of the date hereof, and Battery X Metals disclaims any intention or obligation to update or revise such statements, except as required by law. Investors are cautioned not to place undue reliance on these forward-looking statements.
SOURCE: Battery X Metals
View the original press release on accesswire.com
FAQ
How much will Battery X Metals (BATXF) reduce its liabilities by?
What is the price per share for Battery X Metals' (BATXF) debt settlement?
How many new shares will Battery X Metals (BATXF) issue for debt settlement?
When will Battery X Metals (BATXF) close its debt settlement?
