Technical minerals miner American Battery Materials revises terms ahead of $15 million NYSE American uplisting
IPO Overview
American Battery Materials, which extracts, refines, and distributes technical minerals in the US, raised the proposed deal size for its upcoming IPO on Tuesday. The company had originally filed in February 2024, but until its most recent amendment did not qualify for inclusion in Renaissance’s IPO stats. American Battery is currently listed on the OTC Pink Market under the ticker “BLTH.”
The Greenwich, CT-based company now plans to raise $15 million by offering 2.5 million shares at $6. The company had originally filed to offer 1.5 million shares at $8.25. At the midpoint, American Battery Materials will raise 25% more in proceeds than originally anticipated.
American Battery Materials is an US-based exploration-stage mineral company focused on developing lithium and magnesium-bearing brine resources in Utah’s Lisbon Valley. The company controls a large federal mining claim position over prospective subsurface brine formations and is evaluating the use of direct lithium extraction （DLE） technologies to recover battery-related technical minerals from these brines. Its operations are currently centered on resource exploration, well re-entry and testing, and process development, and it has not yet established mineral reserves or generated mining revenue.
American Battery Materials was founded in 2007. It plans to list on the NYSE American, although it has not yet selected a symbol （RC ticker: BLTH.RC）。 ThinkEquity is the sole bookrunner on the deal.
About the Company
We operate as a U.S. based renewable energy company focused on the extraction, refinement and distribution of technical minerals in an environmentally responsible manner. In November 2021, we found ourselves with the unique opportunity to acquire federal mining claims that historically reported high levels of lithium, magnesium and other technical minerals crucial to produce batteries used in many technology products and markets. Subsequent to acquiring such mining claims, we hired industry veterans that bring us decades of experience, credibility and relationships. We intend to implement emerging direct lithium extraction （“DLE”） technologies to extract lithium and magnesium from the production of subsurface brines. We own mineral rights on a total of 743 placer claims covering 14,320 acres （approximately 22 square miles）， located in the Lisbon Valley of Utah. The property and acreage position includes nine previously drilled wells （plugged and abandoned） that could be re-entered to test the prospective brine-bearing strata within the Paradox Formation beneath the claims position. We are defined as an exploration stage issuer under Regulation S-K Subpart 1300 （“Regulation S-K Subpart 1300”） of the U.S. Securities and Exchange Commission （the “SEC”）。 We have no mineral reserves as defined by Regulation S-K Subpart 1300 and have had no mining revenue to date.