Business
International Battery Metals Announces Marketed Private Placement Offering
VANCOUVER, BC, and HOUSTON, Jan. 29, 2024 /CNW/ - INTERNATIONAL BATTERY METALS ("IBAT" or the "Company") (CSE: IBAT) is pleased to announce that it has entered
About this update from International Battery Metals Ltd
[{"type":"text","content":" VANCOUVER, BC, and HOUSTON, Jan. 29, 2024 /CNW/ - INTERNATIONAL BATTERY METALS (\"IBAT\" or the \"Company\") (CSE: IBAT) is pleased to announce that it has entered into an agreement with Stifel Canada and BMO Capital Markets, as co-lead agents and joint bookrunners (the \"Co-Lead Agents\"), in connection with a proposed best efforts private placement marketed offering of units of the Company (the \"Units\") for aggregate gross proceeds to the Company of up to approximately US$15 million at a price of C$1.00 per unit (the \"Offering\"). Each Unit will consist of one common share in the capital of the Company (a \"Common Share\") and one transferable common share purchase warrant (a \"Warrant\") of the Company. Each whole Warrant shall entitle the holder thereof to acquire one common share in the capital of the Company (each, a \"Warrant Share\") at an exercise price of C$1.25 per Warrant Share, until the date which is 2 years following the Closing Date. The Company will grant the Agents an option (the \"Agents' Option\") to increase the size of the Offering by up to an additional 15% of the Units sold under the Offering, exercisable in whole or in part, at any time and from time to time up to 48 hours prior to the closing of the Offering. The net proceeds of the Offering will used by the Company to commence the first commercial direct lithium extraction project in North America, advance engineering on its second generation extraction technology and for working capital and general corporate purposes. The closing of the Offering will occur on a date to be mutually agreed by the Company and the Co-Lead Agents and will be subject to certain satisfaction of certain conditions including, but not limited to, the receipt of all necessary regulatory and other approvals including the approval of the CSE. This press release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the \"U.S. Securities Act\"), or any state securities laws and may not be offered or sold within the United States or to or for the account or benefit of a U.S. person (as defined in Regulation S under the U.S. Securities Act) unless registered under the U.S. Securities Act and applica...