American Manganese Inc (CVE:AMY) (OTCMKTS:AMYZF) announced Friday that it raised a total of C$1.6 million to advance its patented lithium-ion battery recycling process.
Shares of American Manganese jumped 3.6% in Toronto to C$0.15 on Friday afternoon. On the OTC market, the company’s stock was trading at US$0.12.
READ: American Manganese introduces RecycLiCo, a breakthrough technology for recycling lithium-ion batteries
The fourth and final tranche of this oversubscribed private placement garnered nearly C$570,000.
In the final tranche, the Surrey, BC-based company issued nearly 3.8 shares of the company at $0.15 per share. Each share comprises one unit and one warrant, which is exercisable at $0.20 per share for two years following the warrant issuance.
American Manganese is developing the RecycLiCo system of recycling lithium-ion batteries to extract cathode metals such as lithium, cobalt, nickel and manganese at battery-grade purity.
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