American Battery Metals Corporation Raises Initial $1.35 Million in Preferred Stock at $0.125 Price and Pays Off All Remaining Convertible Notes to Avoid Potential Equity Dilution
American Battery Metals Corporation (ABML), an American lithium-ion battery recycling and extraction company, announced raising $1.35 million in Preferred Stock at $0.125 per share. The funds were utilized to pay off all convertible notes, effectively improving the company's capital position and preventing equity dilution. CEO Doug Cole emphasized the company's enhanced balance sheet and focus on lithium-ion battery recycling and resource production in Nevada. The firm aims to be a major supplier of battery metals for the growing electric vehicle market.
- Raised $1.35 million in Preferred Stock to strengthen capital position.
- Paid off all remaining convertible notes to avoid equity dilution.
- Enhanced balance sheet improves financial stability.
- Focus on lithium-ion battery recycling and advanced extraction technology positions company for growth.
- None.
INCLINE VILLAGE, NV / ACCESSWIRE / October 21, 2020 / American Battery Metals Corporation (OTCQB:ABML) (the "Company"), an American-owned lithium-ion battery recycling technology and advanced extraction company with extensive mineral resources in Nevada, which is in the process of changing its name to American Battery Technology Company, is pleased to announce that it has raised an initial
The Company's Chief Executive Officer, Doug Cole, stated, "We are thrilled to have repaid and satisfied all of the remaining convertible notes in order to avoid any further potential equity dilution. At this time, there are no convertible notes with variable conversion pricing issued and outstanding. Our capital position and balance sheet has vastly improved over the past few months as we remain focused on execution in lithium-ion battery recycling, proprietary extraction technology, and resource production projects in Nevada, to become a substantial domestic supplier of battery metals to the rapidly growing electric vehicle and battery storage markets."
American Battery Technology Company is uniquely positioned to supply battery metals through its three divisions: lithium-ion battery recycling, extraction technology, and primary resources. The Company recently announced the groundbreaking of its lithium-ion battery recycling facility in Fernley, NV, and issued a recent shareholder letter outlining achievements of the past year.
American Battery Technology Company has built a clean technology platform that increases production of primary metals used in the batteries that power electric cars, grid storage applications, consumer electronics and tools. The green platform creates a circular economy for battery metals that champions ethical and environmentally sustainable sourcing of critical materials.
For more information, please visit: www.americanbatterytechnology.com
Forward-Looking Statements
This press release contains "forward-looking statements" within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical fact, including those with respect to the expected project economics for Western Nevada Basin (Railroad Valley), including estimates of life of mine, average production, cash costs, AISC, initial CAPEX, sustaining CAPEX, pre-tax IRR, pre-tax NPV, net cash flows and recovery rates, the impact of self-mining versus contract mining, the timing to obtain necessary permits, the submission of the project for final investment approval and the timing of initial gold production after investment approval and full financing, metallurgy and processing expectations, the mineral resource estimate, expectations regarding the ability to expand the mineral resource through future drilling, ongoing work to be conducted at the Western Nevada Basin (Railroad Valley), and the potential results of such efforts, the potential commissioning of a Pre-Feasibility study and the effects on timing of the project, are "forward-looking statements." Although the Company's management believes that such forward-looking statements are reasonable, it cannot guarantee that such expectations are, or will be, correct. These forward-looking statements involve a number of risks and uncertainties, which could cause the Company's future results to differ materially from those anticipated. Potential risks and uncertainties include, among others, interpretations or reinterpretations of geologic information, unfavorable exploration results, inability to obtain permits required for future exploration, development or production, general economic conditions and conditions affecting the industries in which the Company operates; the uncertainty of regulatory requirements and approvals; fluctuating mineral and commodity prices, final investment approval and the ability to obtain necessary financing on acceptable terms or at all. Additional information regarding the factors that may cause actual results to differ materially from these forward-looking statements is available in the Company's filings with the Securities and Exchange Commission, including the Annual Report on Form 10-K for the year ended September 30, 2019. The Company assumes no obligation to update any of the information contained or referenced in this press release.
Contact Information
p775-473-4744
info@batterymetals.com
SOURCE: American Battery Metals Corporation
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