Fusion Gold provides further update on qualifying transaction with Battery Mineral Resources

Fusion Gold Ltd., Vancouver, Canada, (TSXV: FML.P), announces that it has further extended the time for completion of the qualifying transaction described in its news releases dated December 24, 2019, March 25, 2020, May 15, 2020 and September 1, 2020 with Battery Mineral Resources Corp., (BMR), Vancouver, Canada, 1234525 B.C. Ltd., a wholly-owned subsidiary of Fusion Gold (“Fusion Subco”), and Weston Energy, LLC (the “Transaction”) to February 1, 2021.

The purpose of the extension is to allow Battery Mineral Resources to complete a private placement of up to 3,393,665 common shares and flow-through common shares, for gross proceeds of up to $2.25 million (the “Concurrent Financing”). Battery Mineral Resources has received executed subscription agreements in respect of $1.25 million of the Concurrent Financing, and closing is scheduled for January 15, 2021, subject to receipt of conditional approval of the TSX Venture Exchange to the Transaction.

The Transaction

As previously disclosed, the Transaction will be completed by way of a three-cornered amalgamation pursuant to which Battery Mineral Resources and Fusion Subco will amalgamate, shareholders of Battery Mineral Resources will exchange their securities of Battery Mineral Resources for shares of Fusion on a one-for-one basis (post Fusion consolidating its shares on a two-for-one basis) and Battery Mineral Resources will become a wholly-owned subsidiary of Fusion.

Previous articleIATA: new rules mean no loose batteries in passengers’ checked-in baggage
Next articleStanford researchers discuss what will it take for India to become a major battery manufacturer