American Battery Materials Inc (BLTH)

[JMMatthews]

American Battery Materials Acquires Substantial Mining Claims to Increase Domestic Production of Lithium

Company Releases Updated Technical Report Detailing Claim Expansion to 14,300 Acres

GREENWICH, Conn., July 24, 2023 (GLOBE NEWSWIRE) -- American Battery Materials, Inc. (OTC Pink: BLTH) (“ABM”, the “Company”), an environmentally responsible minerals exploration and development company focused on direct lithium extraction (DLE) and other critical minerals for the global energy transition, today announced that it has acquired and staked additional lithium mining claims adjacent to its Lisbon Valley Project, located in San Juan County, Utah.

The newly acquired mining claims expand ABM’s strategic land position to approximately 14,300 acres, a seven-fold increase from its current position of 2,000 acres. The Company’s actions follow the release of a new Technical Report Summary focused on ABM’s Lisbon Valley Project, highlighting the scope of the opportunity and progress toward direct lithium extraction.

“The results of our latest Technical Report Summary validated our belief that there are substantial lithium deposits in brine to be extracted from the Lisbon Valley,” said Sebastian Lux, Co-Chief Executive Officer of ABM. “Expanding access to lithium deposits further diversifies our portfolio and represents a critical step in the pursuit of our mission to become a leader in the commercial production of lithium in the U.S. Our continued investment and progress on our strategic roadmap reflect our commitment to creating shareholder value while providing domestic support for our country’s initiative for a green future.”

The new claims have been registered with the Bureau of Land Management. ABM now holds a total of 743 placer claims over 14,320 acres, comprised of (i) the 102 original claims held by ABM; and, (ii) the 641 new claims. ABM will continue to seek additional opportunities to increase its claims, properties, and projects.

Proposed Business Combination

On June 2, 2023, ABM and Seaport Global Acquisition II Corp. (NASDAQ: SGII) (“SGII”), a publicly-listed special purpose acquisition company, announced the signing of a definitive merger agreement for a business combination (the “Proposed Business Combination”) that will result in ABM becoming a wholly-owned subsidiary of SGII. The combined company is expected to be renamed “American Battery Materials Holdings”, and its common stock and warrants are expected to be listed on the Nasdaq Global Market (“Nasdaq”).

About American Battery Materials, Inc.
American Battery Materials, Inc., (OTC Pink: BLTH), is a U.S.-based environmentally responsible critical minerals exploration and development company focused on Direct Lithium Extraction (DLE) as well as other minerals for refining, processing, and distribution to support the country’s urgent critical minerals need to bolster long-term energy transition and the electrification of the US domestic and global economy. For more information, visit www.americanbatterymaterials.com. The information contained on, or that may be accessed through, this website is not incorporated by reference into, and is not a part of, this communication.

To receive American Battery Materials, Inc. company updates via email, visit the Contact page of our web site, www.americanbatterymaterials.com/contact.

About Seaport Global Acquisition II Corp.
Seaport Global Acquisition II Corp. is a blank check company formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. Although SGII’s efforts to identify a prospective business combination opportunity will not be limited to a particular industry, it intends to focus on companies undergoing transformational, transitional, or reorganizational business strategies.

Additional Information about the Proposed Business Combination and Where to Find It
In connection with the Proposed Business Combination, SGII intends to file a preliminary and definitive proxy statement with the U.S. Securities and Exchange Commission (“SEC”). SGII’s stockholders and other interested persons are advised to read, when available, the registration statement on Form S-4, which will include a proxy statement/prospectus of SGII (“the S-4”), as well as other documents filed with the SEC in connection with the Proposed Business Combination, as these materials will contain important information about ABM, SGII and the Proposed Business Combination. When available, the S-4 will be mailed to stockholders of SGII as of a record date to be established for voting on, among other things, the Proposed Business Combination. Stockholders will also be able to obtain copies of the S-4 and other documents filed with the SEC that will be incorporated by reference therein, without charge, once available, at the SEC's website at www.sec.gov. The information contained on, or that may be accessed through, the websites referenced in this communication is not incorporated by reference into, and is not a part of, this communication.

Participants in Solicitation
SGII and its respective directors and executive officers may be deemed participants in the solicitation of proxies from SGII’s stockholders in connection with the Proposed Business Combination. SGII’s and ABM’s stockholders and other interested persons may obtain, without charge, more detailed information regarding the directors and officers of SGII and ABM in SGII's Annual Report on Form 10-K filed with the SEC on April 4, 2023 and ABM’s Annual Report on Form 10-K filed with the SEC on April 21, 2023. Information regarding the persons who may, under SEC rules, be deemed participants in the solicitation of proxies to SGII stockholders in connection with the Proposed Business Combination will be set forth in the proxy statement for the Proposed Business Combination when available. Additional information regarding the interests of participants in the solicitation of proxies in connection with the Proposed Business Combination will be included in the Form S-4 that SGII intends to file with the SEC.

https://www.globenewswire.com/news-release/2023/07/24/2709516/0/en/American-Battery-Materials-Acquires-Substantial-Mining-Claims-to-Increase-Domestic-Production-of-Lithium.html

BLTH $$$