BlueBird Increases Financing

Rhea-AI Summary

BlueBird Battery Metals Inc. (BBBMF) has announced an increase in its financing by $3,000,000, bringing the total to $5,000,000. The company will issue 25,000,000 post-consolidated units at $0.20 each, with each unit including a warrant exercisable at $0.35 over three years. The financing is primarily for acquisition and exploration at the Baxter Spring project and exploration on the Canegrass property in Australia. The announcement is pending acceptance by the TSX Venture Exchange.

Positive

• Increased financing by $3,000,000, totaling $5,000,000.
• Issuing 25,000,000 units at $0.20 each, with warrants increasing future capital potential.
• Allocation of funds towards exploration and acquisition, enhancing future growth potential.

Negative

• Proceeds allocation includes extinguishing debt, which indicates existing financial burdens.

VANCOUVER, BC / ACCESSWIRE / September 2, 2020 / BlueBird Battery Metals Inc. (TSXV:BATT)(OTC PINK:BBBMF) (the "Company" or "BlueBird") announces that further to its news release of August 28, 2020, it has increased its financing by $3,000,000 for a total of $5,000,000. Subject to TSX Venture Exchange acceptance, the Company will now issue a total of 25,000,000 post-consolidated units at a price of $0.20 per post-consolidated unit. Each unit will consist of one post-consolidated common share and one transferable share purchase warrant (a "Warrant"), each Warrant exercisable into one additional post-consolidated common share for a period of three years from the date of issue at a price of $0.35 per share. Bluebird confirms that $2,000,000 of the total $5,000,000 is designated as a "part and parcel" private placement, the majority of proceeds being allocated to acquisition and exploration costs on the Baxter Spring project recently optioned by the Company. The additional $3,000,000 proceeds of the placement will be used for exploration on the Company's Canegrass property, Australia, extinguishment of debt and general working capital. Please refer to our news releases of April 30 and June 1, 2020, which describe the drill program to be conducted on the Canegrass property.

Finders' fees may be payable in whole or on part on the placement, subject to the policies of the TSX Venture Exchange.

All securities issued under the placement will be subject to hold periods expiring four months and one day from the date of issue.

On Behalf of the Board of BlueBird Battery Metals Inc.

Peter Dickie
President and Chief Executive Officer

For more information, please contact 1-855-584-0160 or info@bluebirdbatterymetals.com.

Neither TSX Venture Exchange, the Toronto Stock Exchange nor their Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Disclaimer for Forward-Looking Information

This press release may contain forward-looking information or forward-looking statements (collectively "forward-looking information") within the meaning of applicable securities laws. Certain forward looking information should also be considered future-oriented financial information ("FOFI") as that term is defined in NI 51-102. The purpose of disclosing FOFI is to provide a general overview of management's expectations regarding the anticipated results of operations and capital expenditures and readers are cautioned that FOFI may not be appropriate for other purposes. Forward-looking information is typically identified by words such as: "believe", "expect", "anticipate", "intend", "estimate" and similar expressions, or are those, which, by their nature, refer to future events. Forward-looking information in this news release includes, without limitation, discussion of the purchase of a 100% interest in the Baxter Spring Property; the completion of, receipt of regulatory approvals for the name change, Consolidation, and the terms of and use of proceeds of the Placement. Although the Company believes that such information as set out in this press release is reasonable, it can give no assurance that such expectations and estimates will prove to be correct. The Company cautions investors that any forward-looking information provided by the Company is not a guarantee of future results or performance, and that actual results may differ materially from those in forward-looking information as a result of various factors, including, but not limited to, the Company may be unable to obtain the regulatory approvals required for the name change, Consolidation, Placement or the purchase of a 100% interest in the Baxter Spring Property, or such transactions may not be successfully completed; the Company may be unsuccessful in marketing the Placement; the Company or Liberty may be unable to satisfy the closing conditions to the purchase of the 100% interest in the Baxter Spring Property; the state of the financial markets for the Company's common shares; the state of the market for gold or other minerals that may be produced generally; and the Company's ability to obtain any necessary permits, consents or authorizations required for its activities, to raise the necessary capital or to be fully able to implement its business strategies and other risks associated with the exploration and development of mineral properties. The reader is referred to the Company's public filings for a more complete discussion of such risk factors and their potential effects which may be accessed through the Company's profile on SEDAR at www.sedar.com.

SOURCE: BlueBird Battery Metals Inc.

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FAQ

What is the total financing amount announced by BlueBird Battery Metals on September 2, 2020?

BlueBird Battery Metals announced a total financing amount of $5,000,000.

How many units will BlueBird Battery Metals issue in the financing?

BlueBird Battery Metals will issue 25,000,000 post-consolidated units.

What is the exercise price of the warrants issued by BlueBird Battery Metals?

The warrants are exercisable at a price of $0.35 per share.

What will the proceeds from the financing be used for?

Proceeds will be used for acquisition and exploration costs, including the Baxter Spring project and Canegrass property.

When was the financing news released by BlueBird Battery Metals?

The financing news was released on September 2, 2020.