International Battery Metals Ltd. Announces Initial Closing For Non-brokered Private Placement Financing
International Battery Metals Ltd. ("IBAT" or the "Company") (TSXV: IBAT) is pleased to announce that it has completed its previously announced subsequent private placement financing with EV Metals 7 LLC, in which it issued 2,345,873 units of the Company ("Units") at a price of C$0.4168 per Unit, for gross proceeds of USD$679,000 (the "Subsequent Closing"). Each Unit consists of one common share in the capital of the Company (a "Common Share") and one Common Share purchase warrant (a "Warrant"). Each Warrant entitles the holder to acquire one additional Common Share (each, a "Warrant Share") at an exercise price of C$0.51 per Warrant Share, until April 11, 2029.
The proceeds from the Subsequent Closing will be used by the Company for preparing IBAT's modular direct lithium extraction plant ("MDLE Plant") for future operations and general corporate purposes. The Subsequent Closing forms part of a larger contemplated offering of up to USD$15 million, pursuant to the terms of a binding term sheet entered into with EV Metals 7 LLC (the "Private Placement Offering").
The Company has also paid Jacob Warnock a financing structuring fee of USD$33,950, equal to 5% of the gross proceeds subscribed for by EV Metals 7 LLC at the Subsequent Closing of the Private Placement Offering.
The securities issued under the Subsequent Closing are subject to a statutory hold period of four months from the date of issuance under Canadian Securities laws and will be restricted securities under the United States Securities Act of 1933.
About International Battery Metals Ltd.
The Company's direct lithium extraction technology is based on proprietary lithium extraction media housed in patented extraction towers that are enclosed in a modular, shippable platform able to be loaded and brought into production within a minimal time frame after arrival on a customer site.
Utilizing the patented technology, the Company's focus has been on advanced extraction of lithium chloride from ground water salt brine deposits and returning the same water to the subsurface aquifer. The Company's unique patented technology ensures faster delivery of lithium chloride while ensuring minimal environmental impact.
ON BEHALF OF THE BOARD
"Joseph A. Mills"
Joseph A. Mills, CEO
(832) 683-8839
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this news release.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
This news release contains certain information that may constitute "forward-looking statements" under applicable Canadian securities legislation. These forward-looking statements include, but are not limited to, statements relating to the expected use of proceeds from the Subsequent Closing, and statements about plans of the Company and EV Metals to complete additional private placement closings pursuant to the Private Placement Offering. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives or future events or performance (often, but not always, using words or phrases such as "seek", "anticipate", "plan", "continue", "estimate", "expect", "may", "will", "project", "predict", "forecast", "potential", "target", "intend", "could", "might", "should", "believe" and similar expressions) are not statements of historical fact and may be "forward-looking statements".
Actual results may vary from forward-looking statements. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause IBAT's actual results, performance, achievements, and future events to be materially different from the results, performance, achievement, or future events expressed or implied therein. Factors that could affect the outcome include, among others: failure to complete additional closings under the Private Placement Offering, future prices and the supply of metals, the future demand for metals, inability to raise the money necessary to incur the expenditures required to advance the Company's business strategies and objectives, general business, economic, competitive, political, and social uncertainties, results relating to its extraction technologies, failure to obtain regulatory or shareholder approvals (if required). IBAT believes that the expectations reflected in these forward- looking statements are reasonable, however there can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward- looking statements.
All forward-looking statements contained in this press release are given as of the date hereof and are based upon the opinions and estimates of management and information available to management as at the date hereof. IBAT disclaims any intention or obligation to update or revise any forward-looking statements, whether because of new information, future events or otherwise, except as required by law.
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SOURCE International Battery Metals Ltd.
