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American Battery Metals receives initial investment from Unifinance Limited

The initial injection forms part of a $10 million investment that remains committed for the construction of the firm’s battery metals recycling plans

American Battery Metals Corporation - American Battery Metals receives initial investment from Unifinance Limited
Unifinance is an affiliate of VCM Group, American Battery's engineering, procurement, and construction partner

American Battery Metals Corporation (OTCQB:ABML) said it has received an initial investment towards a previously disclosed $10 million strategic investment infusion from Unifinance Limited.

The entire investment, in the form of a purchase of the company's Series B preferred stock which is convertible into common stock at a fixed price of $0.25 per share, remains committed and will be provided as needed for the construction of the firm’s battery metals recycling plans, the group said.

READ: American Battery Metals moving ahead with battery recycling plant, provides financing update amid pandemic

Unifinance is an affiliate of VCM Group, the EPC (Engineering, Procurement, and Construction) partner for American Battery.

In a statement, Doug Cole, chief executive of American Battery Metals, said: "We are pleased to have received this initial investment towards the $10 million strategic investment commitment from Unifinance, an affiliate of VCM Group Pty Limited, our EPC partner. This initial funding coupled with capital raised from our private offering enables us to continue to push forward with our development of lithium-ion battery metals recycling plant in Nevada.

“Additionally, we continue to pay off and retire all convertible debt prior to maturity and conversion into equity. We have the cash needed to make all payoffs in the future to avoid any further equity dilution from convertible debt."

He added: "This strategic investment and working closely with VCM enables us to take a major step toward our pursuit within our main areas of focus; lithium-ion battery recycling and its advanced extraction technology.

"We have assembled a talented team with vast experience in battery metals, state of the art recycling technology, extraction, and resource permitting. 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."

VCM Director Michael Vogel said: "We are as excited as ever about our partnership with American Battery Metals Corporation and to be involved in the development of the Company's lithium-ion battery recycling facility. Our team is in continual daily contact and looking forward to working closely with our counterparts at American Battery Metals Corporation with a target date of late-2020 when we expect the battery recycling plant to be fully operational in addressing the global e-waste challenge, while reintroducing critically needed materials back into the supply chain for the electric vehicle and energy storage sectors."

American Battery Metals Corporation is an advanced extraction and battery recycling technology company with extensive 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 electric vehicle and battery storage markets.

Contact the author at [email protected]

Follow him on Twitter @Cal_Proac

Quick facts: American Battery Metals Corporation

Price: 0.17632 USD

OTCQB:ABML
Market: OTCQB
Market Cap: $79.64 m
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