INTERNATIONAL BATTERY METALS LTD. ANNOUNCES CLOSING OF STRATEGIC PRIVATE PLACEMENT
International Battery Metals has closed a strategic private placement, issuing 18,642,134 units with proceeds of USD$10,436,000. The company will use the funds for its modular direct lithium extraction plant and general working capital. EV Metals VI , a private company, received a structuring fee in connection with the placement. The company plans to complete additional private placements totaling up to USD$13,564,000. The participation of EV Metals constitutes a related party transaction. The company is focused on environmentally responsible lithium extraction methods and has patented a modular DLE plant.
The company successfully closed the private placement, raising significant proceeds to fund its operations.
The company has innovative technology in lithium extraction, showcasing its commitment to environmentally responsible practices.
The issuance of additional common shares and warrants provides the company with potential future growth opportunities.
The involvement of EV Metals in the private placement raises questions about related party transactions, potentially impacting investor confidence.
The company's intention to complete additional private placements may result in dilution for existing shareholders, affecting the stock price.
The company's reliance on exemptions from certain regulations could expose it to regulatory scrutiny and legal risks.
Each Unit consists of one common share ("Common Share") of the Company, and one Common Share purchase warrant (a "Warrant"), each Warrant entitling the holder thereof to acquire one Common Share for a period of two years from the date of issuance for an exercise price of
The proceeds of the Private Placement will used by the Company to meet current obligations for the deployment of its modular direct lithium extraction plant (the "DLE Plant") in the western
The Company further intends to complete additional private placement financings of up to
In connection with the Private Placement, EV Metals acquired 7,924,157 Units for gross proceeds of
About the Company
The Company is an advanced technology company focused on the development of environmentally responsible methods of extracting lithium compounds from brine. The Company has developed a patented modular direct lithium extraction ("DLE") plant which allows for rapid deployment to a resource holders production site. The Company is working with resource holders of oilfield brines, brine aquifers, and industrial customers with brine by-products. The Company believes the modular design of its DLE plant provides significant initial costs savings to customers and the proprietary DLE technology lowers operating costs by selectively extracting lithium from the brine while efficiently removing contaminants.
ON BEHALF OF THE BOARD
"William Webster"
William Webster, Chair of the Board
Neither Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward‐looking and cautionary statements
This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any state in
This release contains certain forward‐looking statements with respect to, among other things, the anticipated use of proceeds from the Private Placement and the Company's expectation that it may complete future private placements with the Private Placement investors, on similar terms, for up to an additional
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SOURCE International Battery Metals Ltd.
FAQ
What is the purpose of the private placement by International Battery Metals ?
The private placement is intended to provide funding for the deployment of the company's modular direct lithium extraction plant and general working capital purposes.
How much was raised through the private placement?
The company raised USD$10,436,000 through the private placement.
Who received a structuring fee in connection with the private placement?
EV Metals VI , a private company controlled by Jacob Warnock, received a structuring fee in connection with the private placement.
What percentage of the aggregate proceeds did EV Metals acquire in the private placement?
EV Metals acquired approximately 42.51% of the aggregate proceeds raised by the company in the private placement.
What is the Company's focus in terms of technology and operations?
The Company is focused on developing environmentally responsible methods of extracting lithium compounds from brine, with a patented modular DLE plant for rapid deployment.