American Battery Metals Corporation (OTCQB:ABML), soon to be known as American Battery Technology Company, raised $1.35 million in an initial offering of preferred stock, to repay and satisfy its remaining convertible notes.
The preferred stock came at a fixed per-share price of $0.125 common share equivalent, the Nevada-based company said. By repaying the notes, which could have been converted into common stock at a discount, the company avoids diluting its shares.
"We are thrilled to have repaid and satisfied all of the remaining convertible notes in order to avoid any further potential equity dilution,” CEO Doug Cole said. At this time, there are no convertible notes with variable conversion pricing issued and outstanding.
READ: American Battery Metals appoints University of San Francisco professor and former investment banker David Batstone to the board
American Battery has built a clean technology platform that increases the production of primary metals used in batteries that power electric cars, grid storage applications, consumer electronics and tools. The green platform creates a circular economy for battery metals that champions ethical and environmentally sustainable sourcing of critical materials.
“Our capital position and balance sheet has vastly improved over the past few months as we remain focused on execution in lithium-ion battery recycling, proprietary extraction technology, and resource production projects in Nevada, to become a substantial domestic supplier of battery metals to the rapidly growing electric vehicle and battery storage markets,” Cole said.
Contact Andrew Kessel at firstname.lastname@example.org
Follow him on Twitter @andrew_kessel