African Battery Minerals settles material creditor balances

Metals exploration and development company African Battery Metals has settled all of its material creditor balances following a three-month suspension from trading.

ABM, which was suspended from trading pending clarification of its financial position back in December, when short-term creditors exceeded its available working capital, requiring additional financing for it to remain a going concern, now has no material debt and free working capital of approximately £860,000.

The AIM-listed outfit expects its current cash balance to cover corporate costs and anticipated project exploration expenditures over the next year.

ABM said the transitional work undertaken following its refinancing and business management changes had been "extensive" and stated that it was looking into using its strengthened cash balance to pursue opportunities to augment existing in-country project interests with additional licences, particularly in the Democratic Republic of Congo.

Director Paul Johnson said: "ABM is now in a robust financial position and able to take the steps it needs to drive its business forward and potentially flourish.

"Any recovery scenario should look to focus on existing interests first, extracting the best opportunities and building from that core. We are doing just that."

As of 1000 GMT, African Battery shares were down 4.44% at 0.43.