American Battery Metals Corporation (OTCQB: ABML) announced an agreement with a US-based institutional asset manager to raise approximately $ 39.1 million in oversubscribed equity financing, which was entered into with a 5.8% premium over the company’s five-day volume weighted average share. the price.
American Battery Metals said the funding is expected to fully fund the company through the construction and commissioning of its Nevada-based 20,000 metric ton per year battery recycling plant.
“We are delighted to announce this funding at a pivotal time in the development of the company,” said Ryan Melsert, CEO of American Battery Metals, in a statement.
“Not only is the capital raised more than fully financing the construction and commissioning of our commercial demonstration plant, but it is coming from an excellent partner at a price structure expected from a company that is considering being a stock. listed on Nasdaq, âMelsert added.
The registered direct offer involved the sale of 25,389,611 shares and warrants of American Battery Metals at a price of $ 1.54 per share. The warrants, which have an exercise price of $ 1.75 per share, are exercisable immediately and will expire five years from the date of issue.
The offer is expected to close on or around September 29, 2021.
American Battery Metals, based in Reno, Nevada, is a lithium-ion battery recycling technology and advanced battery metal mining company with mineral resources in Nevada. It is in the process of changing its name to American Battery Technology Company (ABTC).
Contact Sean at [email protected]