Business
International Battery Metals Announces Initial Closing For Non-brokered Private Placement Financing
VANCOUVER, BC and HOUSTON, March 31, 2025 /CNW/ - International Battery Metals Ltd. ("IBAT" or the "Company") (TSXV: IBAT) is pleased to announce that it has co
About this update from International Battery Metals Ltd
[{"type":"text","content":" VANCOUVER, BC and HOUSTON, March 31, 2025 /CNW/ - International Battery Metals Ltd. (\"IBAT\" or the \"Company\") (TSXV: IBAT) is pleased to announce that it has completed its previously announced initial private placement financing with EV Metals 7 LLC and EV Metals VI LLC, in which it issued 26,084,454 units of the Company (\"Units\") at a price of C$0.4168 per Unit, for gross proceeds of USD$7,550,000 (the \"Initial 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 March 31, 2029. The proceeds from the Initial 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 Initial 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 (the \"Private Placement Offering\"). Concurrent with completion of the Initial Closing, the Company entered into an amendment (the \"IRA Amendment\") to the investor rights agreement with EV Metals 7 and entities under the common control of Jacob Warnock (together, \"EV Metals\"). In the event the Board of Directors of the Company (the \"Board\") is proposed to be increased to six or more directors, the IRA Amendment has granted EV Metals to approve, in its sole discretion, one such additional proposed director who will be independent of EV Metals and Jacob Warnock and the Company (within the meaning of Section 1.4 of National Instrument 52-110 - Audit Committees). Such approval right will continue for as long as EV Metals and its affiliates maintain beneficial ownership of at least 5% of the issued and outstanding Common Shares. The Company has also paid Jacob Warnock a financing structuring fee of USD$377,500, equal to 5% of the gross proceeds subscribed for by EV Metals at the Initial Closing of the Private Placement Offering. The securities issued under the Initial Closing are subject to a statutory hold period of four months from the date of issu...