American Manganese Warrant Exercise and Update on Lithium-ion Battery Recycling Progress
Warrant Exercise Proceeds Total $731,720
American Manganese Inc. (“AMY” or the “Company”) is pleased to announce that the Company issued 3,658,600 units of commons shares pursuant to warrant exercise at $0.20 per share receiving total proceeds of $731,720. The Company is in a solid financial position to move forward on the immediate goals as well as on going testing at Kemetco Research as follows:
- Recycling test results on lithium-ion battery materials from the US Department of Energy National Labs Project are expected shortly.
- The Company has applied for an initial grant from the Canadian Government for the Lithium-ion Battery Recycling Research Program.
- Management plans to meet with Battery Safety Solutions B.V. (“BSS”) early this year to discuss and finalize the Memorandum of Understanding (“MOU”) entered into on December 11, 2018.
- Kemetco will prepare a third US patent application in the first quarter of 2020 to optimize the Company’s battery recycling opportunity.
- The Company has met with and requested a Preliminary Economic Assessment and design proposal for a 3 tonne per day commercial demonstration plant from Kemetco Research utilizing the Company’s patented process.
The Company will continue Research and Development on battery materials received from lithium-ion battery related entities.
“These are the major milestones as we enter 2020,” said Larry Reaugh, CEO of AMY. “The AMY process is being recognized by major government labs, and key private sector players in the EV Battery markets, even as we continue to build our IP portfolio via the patent process. All of this creates momentum as we move toward a 3 tonne per day processing plant that will demonstrate the commercial potential of our process.”
About American Manganese Inc.
American Manganese Inc. is a critical metals company focused on the recycling of lithium-ion batteries with the RecycLiCo™Patented Process. The process provides high extraction of cathode metals, such as lithium, cobalt, nickel, manganese, and aluminum at high purity, with minimal processing steps. American Manganese Inc. aims to commercialize its breakthrough RecycLiCo™ Patented Process and become an industry leader in recycling cathode materials from spent lithium-ion batteries.
On behalf of Management
AMERICAN MANGANESE INC.
Larry W. Reaugh
President and Chief Executive Officer
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