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American Battery Metals' $10M strategic investment reaffirmed amid coronavirus shutdown

The anticipated funding will allow the Nevada-based company to pursue lithium-ion battery recycling and its advanced extraction technology

American Battery Metals Corporation - American Battery Metals Corporation’s $10 million strategic investment has been reaffirmed by lender
American Battery Metals had expected the funding on April 19 from Unifinance Limited, but the COVID-19 outbreak has delayed it

American Battery Metals Corporation (OTCQB:ABML) said Tuesday its previously announced $10 million strategic investment has been reaffirmed.

The Nevada-based company, which announced the funding in February, had expected to receive the money on April 19. But given the global shutdown due to the coronavirus (COVID-19) pandemic, it said: “everything has been slowed.”

The investment is from Newood Finance Solutions Limited, a corporation in Fiji doing business as Unifinance Limited — an affiliate of VCM Group Pty Limited, American Battery Metals’ engineering, procurement and construction partner.

READ: American Battery Metals secures $1M private placement from insiders to pay down convertible notes

The funding will allow the company to pursue lithium-ion battery recycling and its advanced extraction technology. 

“The company remains in continual daily contact with its strategic and financial partner, Unifinance Limited, an affiliate of VCM Group Pty Limited, and will provide a further update by May 1,” American Battery Metals said in a statement. 

The company is an advanced extraction and battery recycling technology company with valuable mineral resources in Nevada. It 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.

Contact the author: [email protected]

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Price: 0.1706 USD

OTCQB:ABML
Market: OTCQB
Market Cap: $77.06 m
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