Battery X Metals plans $1M private placement, superseding prior offering

Battery X Metals Inc. (CSE: BATX, OTCQB: BATXF, FSE: 5YW0) announced a non-brokered private placement of up to 416,666 units at $2.40 per unit, targeting aggregate gross proceeds of up to $1,000,000.

Each unit consists of one common share and one transferable warrant. Each warrant entitles the holder to acquire one additional share at $2.50 for a period of 24 months from the closing date. Closing is anticipated on or about November 6, 2026, and may occur in one or more tranches, subject to Canadian Securities Exchange approval.

The company states proceeds will be directed toward corporate development, regulatory matters related to capital markets initiatives, payment of outstanding and future payables and debt, corporate awareness, and general working capital.

The new placement supersedes the remaining uncompleted portion of a previously announced private placement. Under that prior offering, Battery X Metals issued 259,367 units across two tranches for gross proceeds of $713,261.45. No further tranches will be completed under the prior arrangement.

The company also announced that a previously disclosed proposed debt settlement of up to $250,000 will not proceed at this time.

Insiders may participate in the placement. The company said it intends to rely on exemptions from formal valuation and minority shareholder approval requirements under Multilateral Instrument 61-101, on the basis that insider participation will not exceed 25% of the company's market capitalization.

All securities issued will carry a statutory hold period expiring four months and one day from the date of issuance under applicable securities legislation.

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