Strategic Investment at Fixed Price of $0.25 per Share
INCLINE VILLAGE, NV / ACCESSWIRE / February 19, 2020 / American Battery Metals Corporation (OTCQB:ABML) ( “the Company”), an advanced technology battery recycling and resource production company based in Nevada, today announced significant strategic capital investment for the Company.
Doug Cole, the Chief Executive Officer of American Battery Metals Corporation, stated, “American Battery Metals Corporation has received a commitment for $10 million in equity financing (the “Investment”) from Newood Finance Solutions Limited, a Fiji corporation doing business as Unifinance Limited (“Unifinance), which is an affiliate of VCM Group Pty Limited (“VCM”), our EPC, Engineering, Procurement, and Construction partner. The Investment is in the form of a purchase of the Company’s Series B preferred stock which is convertible into common stock of the Company at a fixed price of $0.25 per share. Unifinance has irrevocably committed to fund the entire amount of the Investment prior to April 19, 2020.”
Investors are encouraged to review more details of the Investment which shall be set forth in a form 8-K filing expected to be filed with the Securities and Exchange Commission on or about February 19, 2020.
The Company intends to use the Investment proceeds to eliminate a portion of its convertible debt, construction of a new, scalable battery recycling plant in Nevada, (which is scheduled to be fully operational late 2020), and general working capital needs.
Mr. Cole continued, “This strategic investment is a major step toward attaining the Company’s goals of eliminating approximately $2.5 million of convertible notes, gaining profitability, a healthier balance sheet and uplisting to a major exchange in 2020. Elimination of outstanding convertible debt shall allow the stock to trade on its own merits.”
VCM Director, Michael Vogel, commented, “We are truly pleased to partner with American Battery Metals Corporation, not just because it is a fast-moving, leading-edge technology company, but also because we are excited to be a part of the accelerated development of the Company’s lithium-ion battery recycling facility. The American Battery Metals Corporation recycling process will address a global e-waste challenge, while reintroducing critically-needed materials back into the supply chain for the electric vehicle and energy storage sectors.”
With this new funding commitment, American Battery Metals Corporation is well-positioned aggressively to pursue its main areas of focus; lithium-ion battery recycling and its advanced extraction technology. American Battery Metals Corporation has assembled a talented team with vast experience in battery metals, state of the art recycling technology, extraction, and resource permitting. The VCM sourced funding provides important resources to realize American Battery Metals Corporation’s 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 advanced technology lithium-ion battery recycling and resource production company based 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 in America.
For more information, please visit: www.batterymetals.com