Proceeds to be Used to Secure Building and Equipment for Lithium-Ion Battery Recycling Plant
INCLINE VILLAGE, NV / ACCESSWIRE / June 29, 2020 / American Battery Metals Corporation (OTCQB:ABML) (the "Company"), an American-owned advanced extraction and battery recycling technology company with extensive mineral resources in Nevada, is pleased to announce the closing of a $2,625,000 common stock financing round. Initially targeting $2 million, the friends, family and insider investment round was over-subscribed. American Battery Metals Corporation Chief Technology Officer, Ryan Melsert participated with an investment of $150,000. The restricted common stock is subject to registration rights or a six-month hold sellable under Rule 144.
American Battery Metals Corporation Chief Executive Officer, Doug Cole, commented, "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. 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. We are convinced that we are moving down financing paths that will be less dilutive to current shareholders than the previous proposed terms."
Cole, continued, "I am proud of the talented team we have assembled with vast experience in battery metals, state of the art recycling technology, extraction, and resource permitting. We expect the battery recycling plant to commence commercial operations in the fourth quarter 2020 with additional value add operations implemented during the second quarter of 2021. As always, we will continue to be communicative and transparent to shareholders."
American Battery Metals Corporation
American Battery Metals Corporation (www.batterymetals.com) (OTCQB:ABML) is an American-owned, 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 Nevada, with the goal of becoming a substantial domestic supplier of battery metals to the rapidly growing electric vehicle and battery storage markets.
For more information, please visit: www.batterymetals.com
This press release contains "forward-looking statements" within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical fact, including those with respect to the expected project economics for Western Nevada Basin (Railroad Valley), including estimates of life of mine, average production, cash costs, AISC, initial CAPEX, sustaining CAPEX, pre-tax IRR, pre-tax NPV, net cash flows and recovery rates, the impact of self-mining versus contract mining, the timing to obtain necessary permits, the submission of the project for final investment approval and the timing of initial gold production after investment approval and full financing, metallurgy and processing expectations, the mineral resource estimate, expectations regarding the ability to expand the mineral resource through future drilling, ongoing work to be conducted at the Western Nevada Basin (Railroad Valley), and the potential results of such efforts, the potential commissioning of a Pre-Feasibility study and the effects on timing of the project, are "forward-looking statements." Although the Company's management believes that such forward-looking statements are reasonable, it cannot guarantee that such expectations are, or will be, correct. These forward-looking statements involve a number of risks and uncertainties, which could cause the Company's future results to differ materially from those anticipated. Potential risks and uncertainties include, among others, interpretations or reinterpretations of geologic information, unfavorable exploration results, inability to obtain permits required for future exploration, development or production, general economic conditions and conditions affecting the industries in which the Company operates; the uncertainty of regulatory requirements and approvals; fluctuating mineral and commodity prices, final investment approval and the ability to obtain necessary financing on acceptable terms or at all. Additional information regarding the factors that may cause actual results to differ materially from these forward-looking statements is available in the Company's filings with the Securities and Exchange Commission, including the Annual Report on Form 10-K for the year ended September 30, 2019. The Company assumes no obligation to update any of the information contained or referenced in this press release.
SOURCE: American Battery Metals Corporation