Entire Proceeds to be used for the Construction of the Company’s Lithium-ion Battery Metals Recycling Plant in Nevada
INCLINE VILLAGE, NV / ACCESSWIRE / June 2, 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, is pleased to announce that it has received an initial investment towards its previously disclosed (on February 19, 2020) $10 million strategic investment infusion from Unifinance Limited. The entire $10 million investment, 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, remains committed and will be provided as needed for the construction of the Company’s battery metals recycling plans.
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.
VCM Director, Michael Vogel, commented, “We are as excited as ever about our partnership with American Battery Metals Corporation and to be involved in the development of the Company’s lithium-ion battery recycling facility. Our team is in continual daily contact and looking forward to working closely with our counterparts at American Battery Metals Corporation with a target date of late-2020 when we expect the battery recycling plant to be fully operational in addressing the global e-waste challenge, while reintroducing critically needed materials back into the supply chain for the electric vehicle and energy storage sectors.”
Doug Cole, the Chief Executive Officer of American Battery Metals Corporation, stated, “We are pleased to have received this initial investment towards the $10 million strategic investment commitment from Unifinance, an affiliate of VCM Group Pty Limited (“VCM”), our EPC partner. This initial funding coupled with capital raised from our private offering enables us to continue to push forward with our development of lithium-ion battery metals recycling plant in Nevada. Additionally, we continue to pay off and retire all convertible debt prior to maturity and conversion into equity. We have the cash needed to make all pay offs in the future to avoid any further equity dilution from convertible debt. This strategic investment and working closely with VCM enables us to take a major step toward our pursuit within our main areas of focus; lithium-ion battery recycling and its advanced extraction technology. We have 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 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.