The investment is from Newood Finance Solutions Limited, a corporation in Fiji doing business as Unifinance Limited which is an affiliate of VCM Group Pty Limited, American Battery Metals’ engineering, procurement and construction partner.
The funding will allow Nevada-based American Battery Metals to pursue lithium-ion battery recycling and its advanced extraction technology. The company has assembled a team with experience in the industry and the necessary funding.
READ: American Battery Metals says 'explosive' growth in energy storage markets require new resource development projects to keep pace
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, the company added.
VCM has been relatively unaffected by the widespread market panic, the firm said, so the investment will go ahead unimpeded.
"Despite the current global crisis sparked mainly due to the Russia-Saudi Oil price war and the current coronavirus pandemic situation, which has caused extreme stress in global financial markets and banking systems, there has been no effect on our Unifinance business model and it does not put stress on our balance sheet or assets,” VCM Director Ashley Walton said in a statement.
“Unifinance is not in a financial position that is affected by the extremes in the current market conditions and all financial commitments on offer or under offer or pre-contract will be completed accordingly. We are truly pleased to partner with American Battery Metals Corporation and look forward to funding our $10 million commitment by April 19, 2020."
American Battery Metals is an advanced extraction and battery recycling technology company with valuable mineral resources in Nevada. The company is focused on its lithium-ion battery recycling and resource production projects in the state, with the goal of becoming a substantial domestic supplier of battery metals to the rapidly growing electric vehicle and battery storage markets.
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