American Battery Metals Corporation (OCTQB:ABML) said Monday it closed an oversubscribed $2,625,000 common stock financing round.
The Nevada-based company had initially targeted $2 million in fundraising, as Chief Technology Officer Ryan Melsert participated with an investment of $150,000.
American Battery Metals is developing a lithium-ion battery recycling plant, and is prepared to play a significant role in the near and long term development of domestic supply chains for lithium, cobalt, nickel, and other key battery metals.
"We are extremely pleased with the commitment of our friends, family and insiders, who believe in our long-term vision of becoming the world's first fully integrated battery metals supply chain provider,” said CEO Doug Cole in a statement.
“Our near-term capital needs are met with the additional capital raised in this friends, family and insider round. Of note, we never put all of our eggs in one basket, as we have always been pursuing multiple financing strategies in parallel and are currently engaged with several debt and equity financing partners to fund as needed for the construction of the Company's battery metals recycling plants and long-term capital expenditures.”
He added: “We are convinced that we are moving down financing paths that will be less dilutive to current shareholders than the previous proposed terms."
Cole also said the battery recycling plant is expected to commence commercial operations in the fourth quarter of 2020 with additional value-added operations to be implemented during the second quarter of 2021.
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