American Battery Metals raises $2.7 million in total from a preferred stock offering

American Battery Metals Corporation (OTCQB:ABML) said it has raised an additional $1.45 million from an offering of preferred stock at a fixed price of $0.125 per common share equivalent, closing a total private placement financing of $2.7 million under the preferred-share offering. The company, which is in the process of changing its name to American Battery Technology Company, said it plans to use the net proceeds for general working capital purposes, the redemption of certain convertible notes, development of its proprietary technology, to purchase capital assets, and/or to fund its on-going business plan. American Battery Metals CEO Doug Cole said in a statement: "We are really pleased with the response of existing and new shareholders who share in our enthusiasm for what we are building at American Battery Technology Company and their commitment with investing with us. At this time, there are no convertible notes with variable conversion pricing issued and outstanding. This private placement round marks the highest priced round of capital we have secured to-date and validates the creation of value we are building." READ: American Battery is building a foundation to play the lithium long game  American Battery Metals is a US-owned lithium-ion battery recycling technology and advanced extraction company with extensive mineral resources in Nevada. The company is focused on its lithium-ion battery recycling and resource production projects in the state, with the goal of becoming a substantial domestic supplier of battery metals to the rapidly-growing electric vehicle and battery storage markets. In a recent corporate update, American Battery Metals announced that the permitting process at its battery recycling facility in Fernley, Nevada is now underway. The building will be designed to manage 20,000 metric tonnes of scrap materials and end-of-life batteries per year, representing approximately $160 million of annualized revenue and a significant increase in the amount of metal recycled globally. Currently, only 90,000 metric tons of battery materials are recycled globally, the company said. American Battery produces battery metals through three business divisions: the recycling of lithium-ion batteries to recover battery metals, extraction from primary resources, and the exploration of new primary resources.  The company has said it is adopting the name American Battery Technology Company to align with its new strategic vision, reflecting its focus on battery recycling and extraction. Contact Sean at sean@proactiveinvestors.com