INTERNATIONAL BATTERY METALS LTD. ANNOUNCES STRATEGIC PRIVATE PLACEMENT AND CORPORATE UPDATE
International Battery Metals announces a strategic private placement financing of up to 14,338,494 units at CAD$0.784 per unit, generating USD $8.2 million (CAD $11,241,380) in gross proceeds. The company will use the funds for its modular direct lithium extraction plant and general working capital purposes. Additionally, the company plans to complete another private placement of up to USD$15.8 million. Libor Michel has ceased to be CEO, with Garry Flowers resuming as sole CEO. The company will not proceed with a previously announced private placement offering. EV Metals VI , controlled by a director of the company, will participate in the private placement. The company's direct lithium extraction technology focuses on advanced extraction of lithium chloride with minimal environmental impact.
- Successful private placement financing of USD $8.2 million (CAD $11,241,380) at CAD$0.784 per unit
- Funds to be used for the deployment of modular direct lithium extraction plant and general working capital purposes
- Planned additional private placement of up to USD$15.8 million
- Change in CEO with Garry Flowers resuming as sole CEO
- Cancellation of previously announced private placement offering
- Participation of EV Metals VI in the private placement
- Focus on advanced extraction of lithium chloride with minimal environmental impact
- Cancellation of marketed private placement offering with Stifel Canada and BMO Capital Markets
- Related party transaction with EV Metals VI in the private placement
- Risk and uncertainty associated with forward-looking statements
In connection with the Private Placement, the Company has agreed to extend the expiry of 6,396,999 previously issued warrants from April 21, 2025, to the date which is 24 months from the date of closing the Private Placement. The Company has granted customary registration rights to the investors in the Private Placement.
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 expects that the Private Placement will close on May 2, 2024. The Company further intends to complete additional private placement financing of up to
The Company also announces that Libor Michel ceased to be a CEO of the Company in early April of this year with Garry Flowers resuming his role as sole CEO.
The Company also announces that it will not longer be proceeding with its previously announced (January 29, 2024) marketed private placement offering with Stifel Canada and BMO Capital Markets.
MI 61-101 Disclosure
EV Metals VI LLC, a private company controlled by Jacob Warnock, a director of the Company, or an affiliated company (collectively, "EV Metals"), will participate in the Private Placement to acquire a minimum of 3,846,913 Units for gross proceeds of at least USD
About the Company
The Company's direct lithium extraction technology is based on proprietary lithium extraction housed in patented extraction towers that are enclosed in a modular, shippable platform able to be loaded and brought into production within 10 days of 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 from which it is extracted. The Company' unique patented technology ensures faster delivery of lithium chloride while ensuring minimal environmental impact.
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, the ability for the Company to extend the existing warrants, 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.
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