International Battery Metals Ltd. (the “Company”) (CSE: “IBAT”) announces private placement agreements with Escorcia Metals Corporation a licensee of the Company’s lithium extraction technology and Beaty Limited for the purchase of up to 13,000,000 units at a price of $0.105 USD (approximately $0.14 CAD) per unit for total proceeds of up to $1,365,000 ( approximately $1,820,000 CAD). Each unit will consist of one common share of the Company and one non-transferable share purchase warrant. Each warrant will be exerciseable to purchase an additional common share at a price of $0.105 USD (approximately $0.14 CAD) per share for a period of two years from closing of the private placement.
The private placement is expected to be completed in tranches over a 45-day period. Any amount not completed with the 45-day period will be subject to re-pricing under the CSE private placement policy.
Under the terms of the private placement agreements the placees will be granted a pre-emptive right for two years from closing, in respect of any equity securities issuance by the Company, to purchase at fair market value the amount of securities required to maintain their percentage holding of the Company. The placees have agreed to vote their shares with management on general meeting matters during the twoyear period.
The proceeds will be used to commence fabrication of the Company’s first lithium extraction unit and to pay accounts payable totaling approximately $325,000 CAD of which approximately $146,000 CAD will be paid to related parties.
ON BEHALF OF THE BOARD
“Dr. John Burba”
Dr. John Burba, President CEO & Director Tel: (778) 939-4228
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 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 may contain certain forward looking statements with respect to the financial condition, results of operations and business of the Company and certain of the plans and objectives of the Company with respect to the same. By their nature, forward looking 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 forward looking statements.
