Aqua Metals Closes $6 Million Secured Loan from Alpen Mortgage

RENO, Nev., Oct. 03, 2022 (GLOBE NEWSWIRE) -- Aqua Metals, Inc. (NASDAQ: AQMS) (“Aqua Metals" or the “Company”), which is reinventing metals recycling with its AquaRefining™ technology, today announced that the Company has closed a $6 million secured loan with Alpen Mortgage, Northern Nevada’s Premier Private Lender. The loan provides a non-dilutive path to expand the Company’s cash position and ensure sufficient resources to reach revenue generation.

“This loan provides additional resources and liquidity to continue the investment in our business in a prudent and strategic manner, avoiding dilution and giving us greater flexibility as we move toward concluding pending real estate transactions that will significantly augment our capital position,” commented Steve Cotton, President and Chief Executive Officer of Aqua Metals. “We remain on track to have our Innovation Center’s pilot plant commissioned in the coming weeks, an important milestone in our evolution. Additionally, we have secured all the black mass we need through the end of 2023. With this transaction, we have secured funding through the end of 2023, enabling us to scale our operations and ultimately generate revenue with our patented AquaRefining™ process.”

The $6 million note was closed on September 30, 2022 and has a 24-month term. The note includes interest at a fixed rate of 8.5%. Monthly payments are interest-only commencing on November 1, 2022. All unpaid principal and remaining accrued unpaid interest is due 24 months from the close date. The loan is secured by commercial property.

Additional details regarding the loan will be included on a Form 8-K, to be filed with the Securities and Exchange Commission after closing.