Larry W. Reaugh, President and Chief Executive Officer of RecycLiCo Battery Materials(“RecycLiCo Battery Materials” or “AMI” or the “Company”), (TSX.V: AMY; OTCQB: AMYZF; FSE: ID4), is pleased to announce that further to its news release dated April 20, 2016, the Company has closed its oversubscribed private placement raising $200,500.
The Company issued 10,025,000 units. Each unit consists of one common share at $0.02 per share and one non-transferable share purchase warrant exercisable at $0.05 per share for a period of 24 month following closing.
Finder’s fees amounted to $6500 and 17,500 non-transferable warrants. All securities issued for this private placement are subject to a four-month hold, expiring September 18, 2016.
The proceeds will be primarily used to conduct “proof of concept” testing of the Company’s proprietary hydrometallurgical process for large-scale recycling of lithium-ion vehicle batteries. The balance of the proceeds will be used to pay patent application fees, exchange fees, regulatory filing fees, current liabilities as well as general administrative expenses. No part of the proceeds will be used to pay Related Parties. While the Company intends to spend the funds as stated, a reallocation of funds for sound business reasons may be necessary. No part of the proceeds will be used to pay related parties.
The closing of the private placement is subject to final acceptance from the TSX Venture Exchange.
About RecycLiCo Battery Materials
RecycLiCo Battery Materials is a diversified specialty and critical metal company focused on capitalizing on its patented intellectual property through low cost production or recovery of electrolytic manganese products throughout the world, and recycling of spent electric vehicle lithium-ion rechargeable batteries.
Interest in the Company’s patented process has adjusted the focus of RecycLiCo Battery Materials toward the examination of applying its patented technology for other purposes and materials. RecycLiCo Battery Materials aims to capitalize on its patented technology and proprietary know-how to become and industry leader in the recycling of spent electric vehicle lion ion batteries.
On behalf of Management
RecycLiCo Battery Materials
Larry W. Reaugh
President and Chief Executive Officer
The Toronto Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. This news release may contain certain “Forward-Looking Statements” within the meaning of Section 21E of the United States Securities Exchange Act of 1934, as amended. All statements, other than statements of historical fact, included herein are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company’s expectations are disclosed in the Company’s documents filed from time to time with the Toronto Stock Exchange, the British Columbia Securities Commission and the US Securities and Exchange Commission.