American Battery Metals Corporation (OTCQB:ABML) updated investors Wednesday on a pair of financing initiatives affected by the coronavirus pandemic and said it plans to move forward with the development of its battery metals recycling plant.
In February, the company signed an agreement with Unifinance Limited to sell Series B preferred shares at a fixed price of $0.25 per share. American Battery Metals said it has yet to receive any funds, which Unifinance has attributed to the pandemic, but the firm has committed to making the full investment by June 1.
Separately, the company underwent a private placement offering of more than $1 million of common stock and warrants which included insiders and friends and family of the company. Since March 27, the company has received additional subscriptions worth $475,000. The board of directors has extended the offering through to May 31, the company said.
READ: American Battery Metals appoints former Tesla construction manager Chuck Leber to build battery recycling plant
Despite the challenges posed by the pandemic, American Battery Metals reiterated that it is pushing ahead with its plans to bring online a lithium-ion battery metals recycling plant in Nevada.
In a statement, American Battery Metals' CEO Doug Cole said: “Consistent with our plan, we continue to pay off and retire all convertible debt prior to maturity and conversion into equity. We have assembled a talented team with vast experience in battery metals, state of the art recycling technology, extraction, and resource permitting, and look forward to our vision of becoming the world's first fully integrated battery metals supply chain provider."
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.
Contact Andrew Kessel at [email protected]
Follow him on Twitter @andrew_kessel