Proceeds To be Used for the Construction of the Company’s Lithium-ion Battery Metals Recycling Plant in Nevada
INCLINE VILLAGE, NV / ACCESSWIRE / May 6, 2020 / American Battery Metals Corporation (OTCQB:ABML) (the “Company”), an American-owned advanced extraction and battery recycling technology company with extensive mineral resources in Nevada, today announced an update on its financing initiatives.
On February 19, 2020, American Battery Metals Corporation issued a press release and file an 8-K describing the Company’s agreement to sell Series B Preferred Shares at a fixed price of $0.25 per share and warrants (the “Series B Offering”) to Newood Finance Solutions Limited, a Fiji corporation doing business as Unifinance Limited (“Unifinance”) pursuant to a subscription agreement. The significant strategic capital investment is from Newood Finance Solutions Limited, a Fiji corporation doing business as Unifinance Limited (“Unifinance), and an affiliate of VCM Group Pty Limited (“VCM”), the Company’s EPC (Engineering, Procurement, and Construction) partner. As of today, the Company has yet to receive any funds from Unifinance in connection with the Series B Offering. Unifinance has communicated to the Company that the delay is due to circumstances resulting from the current Covid-19 crisis but that it remains committed to make the entire investment no later than June 1, 2020. The Company has agreed to extend the time period of the investment until such date.
On March 26, 2020, American Battery Metals Corporation issued a press release providing information regarding a private placement offering of $1,087,500 for the Company’s common stock at a fixed price and warrants (the “Common Stock Offering”), that included insiders and friends and family of the Company. Since March 27, the Company has received additional subscriptions in the amount of $475,000 in connection with the Common Stock Offering. The Board of Directors of the Company has agreed to extend the Common Stock Offering through May 31, 2020.
Doug Cole, the Chief Executive Officer of American Battery Metals Corporation, stated, “We continue to push forward with our development of our lithium-ion battery metals recycling plant in Nevada. Consistent with our plan, we continue to pay off and retire all convertible debt prior to maturity and conversion into equity. We have assembled a talented team with vast experience in battery metals, state of the art recycling technology, extraction, and resource permitting, and look forward to our vision of becoming the world’s first fully integrated battery metals supply chain provider.”
American Battery Metals Corporation
American Battery Metals Corporation (www.batterymetals.com) (OTCQB:ABML) is an American-owned, advanced extraction and battery recycling technology company with extensive mineral resources in Nevada. The company is focused on its lithium-ion battery recycling and resource production projects in Nevada, with the goal of becoming a substantial domestic supplier of battery metals to the rapidly growing electric vehicle and battery storage markets.
For more information, please visit: www.batterymetals.com
Article originally published on: https://finance.yahoo.com/news/american-battery-metals-corporation-provides-123000059.html