Following the news, the company’s stock jumped 21% to $0.13 a share in New York.
In a statement, CEO Doug Cole said the Nevada battery recycling and production company got the commitment for the equity financing from Newood Finance Solutions Limited, a Fiji corporation doing business as Unifinance Limited, which is an affiliate of VCM Group Pty Limited, American Battery Metals’ Engineering, Procurement, and Construction (EPC) partner.
The investment is in the form of a purchase of American Battery Metals’ Series B preferred stock, which is convertible into common stock at a fixed price of $0.25 per share. And Unifinance has irrevocably committed to fund the entire amount of the investment prior to April 19, Cole said.
The company intends to use the investment proceeds to eliminate a portion of its convertible debt, construction of a new, scalable battery recycling plant in Nevada, (which is scheduled to be fully operational in late 2020), and general working capital needs.
“This strategic investment is a major step toward attaining the company’s goals of eliminating approximately $2.5 million of convertible notes, gaining profitability, a healthier balance sheet and uplisting to a major exchange in 2020. Elimination of outstanding convertible debt shall allow the stock to trade on its own merits,” Cole said.
VCM Director Michael Vogel commented: “We are truly pleased to partner with American Battery Metals Corporation, not just because it is a fast-moving, leading-edge technology company, but also because we are excited to be a part of the accelerated development of the company’s lithium-ion battery recycling facility. The American Battery Metals Corporation recycling process will address a global e-waste challenge, while reintroducing critically-needed materials back into the supply chain for the electric vehicle and energy storage sectors.”
With this new funding commitment, American Battery Metals said it is well-positioned to pursue its main areas of focus — lithium-ion battery recycling and its advanced extraction technology.
The company has 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, the company added.
Headquartered in Incline Village, Nevada, American Battery Metals is a lithium resource exploration and development company, which operates a mining project in the state’s Railroad Valley. The company’s goal is to become a top supplier of battery metals to America’s electric vehicles and battery storage markets and also to develop an effective battery recycling program.
TORONTO – Canada’s main stock index was up more than 100 points in late-morning trading, helped by strength in base metal and utility stocks, while U.S. stock markets were mixed.
The S&P/TSX composite index was up 103.40 points at 24,542.48.
In New York, the Dow Jones industrial average was up 192.31 points at 42,932.73. The S&P 500 index was up 7.14 points at 5,822.40, while the Nasdaq composite was down 9.03 points at 18,306.56.
The Canadian dollar traded for 72.61 cents US compared with 72.44 cents US on Tuesday.
The November crude oil contract was down 71 cents at US$69.87 per barrel and the November natural gas contract was down eight cents at US$2.42 per mmBTU.
The December gold contract was up US$7.20 at US$2,686.10 an ounce and the December copper contract was up a penny at US$4.35 a pound.
This report by The Canadian Press was first published Oct. 16, 2024.
TORONTO – Canada’s main stock index was up more than 200 points in late-morning trading, while U.S. stock markets were also headed higher.
The S&P/TSX composite index was up 205.86 points at 24,508.12.
In New York, the Dow Jones industrial average was up 336.62 points at 42,790.74. The S&P 500 index was up 34.19 points at 5,814.24, while the Nasdaq composite was up 60.27 points at 18.342.32.
The Canadian dollar traded for 72.61 cents US compared with 72.71 cents US on Thursday.
The November crude oil contract was down 15 cents at US$75.70 per barrel and the November natural gas contract was down two cents at US$2.65 per mmBTU.
The December gold contract was down US$29.60 at US$2,668.90 an ounce and the December copper contract was up four cents at US$4.47 a pound.
This report by The Canadian Press was first published Oct. 11, 2024.
TORONTO – Canada’s main stock index was little changed in late-morning trading as the financial sector fell, but energy and base metal stocks moved higher.
The S&P/TSX composite index was up 0.05 of a point at 24,224.95.
In New York, the Dow Jones industrial average was down 94.31 points at 42,417.69. The S&P 500 index was down 10.91 points at 5,781.13, while the Nasdaq composite was down 29.59 points at 18,262.03.
The Canadian dollar traded for 72.71 cents US compared with 73.05 cents US on Wednesday.
The November crude oil contract was up US$1.69 at US$74.93 per barrel and the November natural gas contract was up a penny at US$2.67 per mmBTU.
The December gold contract was up US$14.70 at US$2,640.70 an ounce and the December copper contract was up two cents at US$4.42 a pound.
This report by The Canadian Press was first published Oct. 10, 2024.
