Premier Silver has settled an outstanding debt totalling $2,731,534 (the "Debt"), which was incurred from multiple loans by Battery X Metals to Premier Silver between Q2 of 2021 and Q1 of 2022
Battery X Metals acquires equity stake in Premier Silver Corp. (Credit: BATTERY X METALS INC.)
Battery X Metals Inc. (CSE: BATX) (OTCQB: BATXF) (“Battery X Metals” or the “Company”) is pleased to announce the acquisition of an equity stake in Premier Silver Corp. (“Premier Silver”), positioning itself at the forefront of exploration of critical mineral properties, including battery metal properties.
Premier Silver acquired a significant silver mining land package in Peru, which includes the Mallay Mine & Processing Plant and related exploration and development assets, known as “Mallay”. Premier Silver acquired it from well-known mining company Buenaventura, listed on the NYSE, which is a global industry leader.
The Mallay mine is conveniently located about a four to five-hour drive from Lima, just 50 minutes from Churin town, and a short 3 kilometers from the Mallay community. Premier Silver Corp. owns the entire 10,562.4-hectare Tres Cerros Au-Ag Project, Mallay Mine, and processing plant.
“It is important to recognize silver’s role in the production of electric vehicle (EV) batteries and the entire clean energy transition, in general. Silver is not just a precious metal, but also an industrial material with the highest known electrical and thermal conductivity. It is resistant to corrosion and because of its high reflectivity, plays a vital role in solar panels. Battery X Metals’ investment in Premier Silver aligns with our company’s commitment to explore and secure critical mineral property assets, particularly those related to battery metals. We believe that our partnership with Premier Silver will further position the Company during the projected global demand and adoption of clean energy solutions while at the same time, strengthening shareholder value and interest in the Company.”
The deal was structured as a debt settlement agreement (the “Agreement”). Under the terms of the Agreement, Premier Silver has settled an outstanding debt totalling $2,731,534 (the “Debt”), which was incurred from multiple loans by Battery X Metals to Premier Silver between Q2 of 2021 and Q1 of 2022. In settlement of the Debt, Battery X Metals will receive 4,000,000 common shares in the capital of Premier Silver at a deemed price of $0.50 per common share.
The Company also announces that it has allowed its Opatica Lithium Project Option Agreement to expire. This decision aligns with the Company’s goal to optimize its resource allocation, enhance operational flexibility, and preserve capital for sustainable growth. Battery X Metals recognizes the importance of efficient capital management and the ability to explore properties at a pace that is in the best interests of the Company.
Source: Company Press Release