American Battery Metals Corporation (OTCQB:ABML) has announced an agreement with a US-based institutional asset manager to raise about $39.1 million in an oversubscribed equity financing, which was completed at a 5.8% premium to the company’s five-day volume weighted average share price.
American Battery Metals said the financing is expected to fully fund the company through the construction and commissioning of its Nevada-based, 20,000 metric tonne per year battery recycling plant.
“We are excited to announce this financing at a pivotal time in the company's development,” American Battery Metals CEO Ryan Melsert said in a statement.
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“Not only does the capital raised more than fully finance the construction and commissioning of our commercial demonstration plant, but comes from a great partner at a pricing structure expected of a company with plans to be a Nasdaq-listed security,” Melsert added.
The registered direct offering involved the sale of 25,389,611 American Battery Metals shares and warrants 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 following the date of issuance.
The offering is expected to close on or about September 29, 2021.
Reno, Nevada-based American Battery Metals is a lithium-ion battery recycling technology and advanced battery metal extraction company with mineral resources in Nevada. It is in the process of changing its name to American Battery Technology Company (ABTC).
Contact Sean at sean@proactiveinvestors.com