American Manganese Inc (CVE:AMY) (OTCMKTS:AMYZF) said approval from the US Patent and Trademark Office for its lithium-ion battery recycling technology was one of its big highlights of 2018.
The Surrey, British Columbia-based metals company said Thursday in a securities filing that it received a “notice of allowance” from the US agency earlier in December.
The company added that a C$500,000 first tranche of a non-brokered private placement has been completed. American Manganese plans to complete the placement for gross proceeds of as much as C$1.5 million.
Shares climbed C$0.01 to C$0.14 in Friday’s Canadian trading. They rose US$0.01 to US$0.11 on the OTC Markets.
The company said it significantly increased its administrative and operating expenses to expedite research and development of intellectual property. The net loss for the fiscal year ended July 31 was $2.4 million, compared with $2 million in the prior 12 months. The company said it has no revenue other than earned interest on cash and cash equivalents.
The net loss for its first quarter ended October 31 was just over $815,000, compared with a net loss of $544,000 a year earlier.
Contact Dennis Fitzgerald at [email protected]