American Battery Materials amends $1.75M convertible notes, extends maturity, increases principal by 30%

AMERICAN BATTERY MATERIALS, INC.

Amended five convertible notes totaling $1,750,000 principal and $125,646 accrued interest; maturity extended to Sept 30, 2024 or uplisting.
One $50,000 note and one $25,000 promissory note amended; maturity extended to March 31, 2025 or uplisting.
Consideration includes 30% principal increase (e.g., $1.75M becomes $2.275M) and interest rate raised to 10% from March 29, 2024.
Issued 237,250 common shares as additional consideration, pro rata among investors.
Conversion restricted until uplisting (national exchange listing) or specific future dates, limiting near-term dilution.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

AMERICAN BATTERY MATERIALS, INC. amended Promissory Note Amendment Agreement with one investor valued at principal amount of $25,000 with accrued interest of $2,971 (effective 2024-03-29).

Action: amendment
Agreement: notes offering
Counterparty: one investor
Value: principal amount of $25,000 with accrued interest of $2,971
Effective: 2024-03-29

Exact text from the filing

C. Amendment of Promissory Note : The Company entered into a Promissory Note Amendment Agreement with one investor holding a promissory note in the principal amount of $25,000 with accrued interest of $2,971.

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

AMERICAN BATTERY MATERIALS, INC. amended Convertible Note Amendment Agreement with one investor valued at principal amount of $50,000 with accrued interest of $3,583 (effective 2024-03-29).

Action: amendment
Agreement: notes offering
Counterparty: one investor
Value: principal amount of $50,000 with accrued interest of $3,583
Effective: 2024-03-29

Exact text from the filing

B. Amendment of Convertible Note: The Company entered into a Convertible Note Amendment Agreement with one investor holding a convertible note in the principal amount of $50,000 with accrued interest of $3,583.

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

AMERICAN BATTERY MATERIALS, INC. amended Convertible Note Amendment Agreement with five investors valued at aggregate principal amount of $1,750,000 with accrued interest of $125,646 (effective 2024-03-29).

Action: amendment
Agreement: notes offering
Counterparty: five investors
Value: aggregate principal amount of $1,750,000 with accrued interest of $125,646
Effective: 2024-03-29

Exact text from the filing

On March 29, 2024, the Company completed the following transactions with regard to its outstanding promissory notes: A. Amendment of Convertible Notes: The Company entered into a Convertible Note Amendment Agreement with each of five investors holding convertible notes in the aggregate principal amount of $1,750,000 with accrued interest of $125,646.

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AMERICAN BATTERY MATERIALS, INC. filing history →

Source: SEC EDGAR

accession 0001213900-24-033270

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