On February 24, 2020, BatteryOne Royalty Corp. announced that it had sold 11,693,172 special warrants for aggregate gross proceeds of approximately $5.8 million by way of private placement (the "Closing").
A total of approximately $3 million from the Closing was used as an initial payment on a 2.0% net smelter royalty ("NSR") on future copper production on the Cantarito claim of the La Fortuna deposit within the NuevaUnion project in Chile, a 50-50 joint venture between Teck Resources Limited and Newmont Corporation. BatteryOne will make a further $1 million payment in 12 months to complete its payment obligations prior to the start of commercial production from the royalty area.
The balance of the proceeds from the Closing will be used for further royalty acquisitions and for general and administrative purposes.
BatteryOne is a private royalty company focused on nickel sulfide and copper deposits, which it sees as central to the continuing development of electric vehicles and the broader electrification thesis.
Gowling WLG advised BatteryOne with respect to this private placement with a team that included Denis Silva, Tara Amiri, Jill Dunn and Sarah Baddeley.
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