Yorktown Funds Complete Transfer of Common Shares of ESI Energy Services Inc. to Battery Mineral Resources Corp., a Yorktown Portfolio Company

NEW YORK and VANCOUVER, BC, Sept. 9, 2020 /CNW/ - Yorktown Energy Partners IV, L.P. ("Yorktown IV"), Yorktown Energy Partners VI, L.P. ("Yorktown VI") and Yorktown Energy Partners XI, L.P. ("Yorktown XI" and together with Yorktown IV and Yorktown VI, the "Yorktown Entities") and Battery Mineral Resources Corp. ("BMR"), a British Columbia corporation, jointly announce that the transfers of common shares of ESI Energy Services Inc. ("ESI") referenced in their September 1, 2020 joint news release have been completed.  On September 9, 2020, the Yorktown Entities transferred an aggregate of 46,087,216 common shares of ESI to BMR.  At closing, BMR issued an aggregate of 30,000,000 common shares from its treasury to the Yorktown Entities.  Under the agreement of purchase and sale entered into between the Yorktown Entities and BMR on August 31, 2020 (which provided for the transfer of the ESI shares), up to 30 million additional common shares of BMR may be issued to the Yorktown Entities if BMR receives, on or prior to March 31, 2021, proceeds in excess of $10 million on account of its ownership of ESI shares in certain circumstances.

About Yorktown Partners LLC

Each of the Yorktown Entities is a limited partnership formed under the laws of Delaware.  Yorktown Partners LLC manages the investment activities of various limited partnerships within the Yorktown group (a private equity investment group).

About Battery Mineral Resources Corp.

BMR is focused on exploration activities involving battery metals (cobalt, nickel and copper) and precious metals (silver or gold), principally in Canada.  BMR has interests in additional cobalt, lithium and graphite projects in the United States and South Korea.  The head office of BMR is located at Suite 400-744 West Hastings St., Vancouver, British Columbia V6C 1A5.

SOURCE Yorktown Funds