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INTERNATIONAL BATTERY METALS LTD. ANNOUNCES STRATEGIC PRIVATE PLACEMENT AND CORPORATE UPDATE

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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.

International Battery Metals annuncia un finanziamento strategico di sottoscrizione privata fino a 14.338.494 unità al prezzo di 0,784 CAD per unità, generando un ricavo lordo di 8,2 milioni di USD (11.241.380 CAD). La società utilizzerà i fondi per la sua pianta modulare di estrazione diretta del litio e per scopi di capitale circolante generale. Inoltre, la società prevede di completare un'altra offerta di sottoscrizione privata fino a 15,8 milioni di USD. Libor Michel ha cessato di essere l'AD, con Garry Flowers che assume il ruolo di unico AD. La società non procederà con un'offerta di sottoscrizione privata precedentemente annunciata. EV Metals VI, controllata da un direttore della società, parteciperà alla sottoscrizione privata. La tecnologia della società per l'estrazione diretta del litio si concentra sull'estrazione avanzata di cloruro di litio con un impatto ambientale minimo.
International Battery Metals anuncia una financiación privada estratégica de hasta 14,338,494 unidades a un precio de CAD$0.784 por unidad, generando USD $8.2 millones (CAD $11,241,380) en ingresos brutos. La compañía utilizará los fondos para su planta modular de extracción directa de litio y para propósitos generales de capital de trabajo. Adicionalmente, la compañía planea completar otra colocación privada de hasta USD$15.8 millones. Libor Michel ha dejado de ser CEO, con Garry Flowers asumiendo como único CEO. La compañía no procederá con una colocación privada previamente anunciada. EV Metals VI, controlada por un director de la compañía, participará en la colocación privada. La tecnología de extracción directa de litio de la compañía se enfoca en la extracción avanzada de cloruro de litio con un impacto ambiental mínimo.
International Battery Metals는 유닛당 0.784캐나다달러에 최대 14,338,494유닛의 전략적 사모 플레이스먼트 금융을 발표하여 총수익 8.2백만 달러(1,124만 1,380캐나다달러)를 창출할 예정입니다. 회사는 이 자금을 모듈러 직접 리튬 추출 공장 및 일반 운영 자본용도로 사용할 계획입니다. 또한, 회사는 최대 1,580만 달러의 다른 사모 플레이스먼트를 완료할 계획입니다. 리보르 미셸은 CEO에서 물러나고, 게리 플라워스가 단독 CEO로 임명되었습니다. 회사는 이전에 발표된 사모 플레이스먼트 제안을 진행하지 않을 것입니다. 회사의 이사가 관리하는 EV Metals VI이 사모 플레이스먼트에 참여할 예정입니다. 회사의 직접 리튬 추출 기술은 환경적 영향을 최소화하면서 리튬 염화물의 고급 추출에 중점을 둡니다.
International Battery Metals annonce un financement par placement privé stratégique de jusqu'à 14 338 494 unités à CAD$0.784 par unité, générant USD $8.2 millions (CAD $11,241,380) en produits bruts. La société utilisera ces fonds pour son installation modulaire d'extraction directe de lithium et pour des fins de fonds de roulement général. De plus, la société prévoit de réaliser un autre placement privé jusqu'à USD$15.8 millions. Libor Michel a cessé d'être PDG, avec Garry Flowers reprenant le poste de PDG unique. La société ne poursuivra pas un placement privé précédemment annoncé. EV Metals VI, contrôlée par un directeur de la société, participera au placement privé. La technologie d'extraction directe de lithium de la société se concentre sur l'extraction avancée de chlorure de lithium avec un impact environnemental minimal.
International Battery Metals kündigt eine strategische private Platzierung von bis zu 14.338.494 Einheiten zu einem Preis von CAD$0.784 pro Einheit an, was einen Bruttoerlös von USD $8,2 Millionen (CAD $11,241,380) erzeugt. Das Unternehmen wird die Mittel für seine modulare Direkt-Lithiumextraktion-Anlage und für allgemeine Betriebskapitalzwecke verwenden. Darüber hinaus plant das Unternehmen, eine weitere private Platzierung von bis zu USD$15,8 Millionen abzuschließen. Libor Michel ist nicht mehr CEO, Garry Flowers übernimmt als alleiniger CEO. Das Unternehmen wird eine zuvor angekündigte private Platzierung nicht fortsetzen. EV Metals VI, kontrolliert von einem Direktor der Firma, wird an der privaten Platzierung teilnehmen. Die Direkt-Lithiumextraktionstechnologie des Unternehmens konzentriert sich auf die fortschrittliche Extraktion von Lithiumchlorid bei minimaler Umweltbelastung.
Positive
  • 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
Negative
  • 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

VANCOUVER, BC and HOUSTON, April 26, 2024 /PRNewswire/ - International Battery Metals Ltd. (the "Company") is pleased to announce that it has completed a non-brokered private placement financing of up to 14,338,494  units (each a "Unit") issued at a price of CAD$0.784 per Unit for gross proceeds of USD $8.2 million (CAD $11,241,380) (the "Private Placement"). Each Unit consists of one common share of the Company (each a "Unit") and one Common Share purchase warrant (a "Warrant"), with each Warrant entitling the holder thereof to purchase one additional Common Share for a period of two (2) years at an exercise price of CAD $0.98 per common share.  

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 United States as previously announced on January 11, 2024, and for general working capital purposes.

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 USD$15.8 Million, which may be completed on similar terms of the Private Placement. The securities issued under the Private Placement 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.

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 $2.2 million. The participation of EV Metals in the Private Placement constitutes a "related party transaction" within the meaning of Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions ("MI 61-101"). The Company is relying upon exemptions from the formal valuation and minority shareholder approval requirements of MI 61-101 pursuant to sections 5.5(b) and 5.7(1)(a), respectively - Fair Market Value Not More Than 25 Per Cent of Market Capitalization, on the basis that at the time the Private Placement was agreed to, neither the fair market value of the Units to be distributed pursuant to the Private Placement to EV Metals, nor the consideration to be received for those Units, will exceed 25 per cent of the Company's market capitalization. The terms of the Private Placement were negotiated with a special committee of directors of the Company, all of whom are independent for the purposes of MI 61-101. The Board ‎of Directors of the Company has unanimously approved the Private Placement and no materially ‎contrary view or ‎abstention ‎was expressed or made by any director ‎in relation to the ‎Private Placement‎.‎ The Company did not file a material change report in respect of the participation of EV Metals in the Private Placement at least 21 days before closing of the Offering as the participation of the ‎ EV Metals was not determined at that time.‎

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.

Forwardlooking 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 the United States in which such offer, solicitation or sale would be unlawful. The securities referred to herein have not been and will not be registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements. This release may contain statements within the meaning of safe harbour provisions as defined under securities laws and regulations.

This release contains certain forwardlooking 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 $15.8 million. By their nature, forwardlooking statements involve risk and uncertainty because they relate to events and depend on circumstances that will occur in the future and there are many factors that could cause actual results and developments to differ materially from those expressed or implied by these forwardlooking statements.

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SOURCE International Battery Metals Ltd.

FAQ

What is the price per unit in the private placement financing?

The price per unit in the private placement financing is CAD$0.784.

Who is the new CEO of International Battery Metals ?

Garry Flowers has resumed his role as the sole CEO of the company.

What is the focus of the company's direct lithium extraction technology?

The company's technology focuses on advanced extraction of lithium chloride with minimal environmental impact.

What is the total gross proceeds generated from the private placement financing?

The private placement financing generated USD $8.2 million (CAD $11,241,380) in gross proceeds.

What is the purpose of the funds raised through the private placement financing?

The funds will be used for the deployment of the modular direct lithium extraction plant and general working capital purposes.

INTERNATIONAL BAT MET ORD

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