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International Battery Metals Announces Private Placement, TSXV Listing Application, And Board Changes
VANCOUVER, BC and HOUSTON, Dec. 1, 2023 /CNW/ -- International Battery Metals Ltd. (the "Company") (CSE: IBAT), is pleased to announce that it plans to complete
About this update from International Battery Metals Ltd
[{"type":"text","content":" VANCOUVER, BC and HOUSTON, Dec. 1, 2023 /CNW/ -- International Battery Metals Ltd. (the \"Company\") (CSE: IBAT), is pleased to announce that it plans to complete a non-brokered private placement of up to 1,649,243 units (each, a \"Unit\") for a price of CAD$0.70 per Unit, for total proceeds of up to USD $850,000 (the \"Private Placement\"). Each Unit will consist of one common share in the capital of the Company (each, a \"Common Share\") and one Common Share purchase warrant (each, a \"Warrant\"). Each Warrant will permit the holder to acquire one additional Common Share at a price of $0.82 for a period of 24 months from closing of the Private Placement. The Private Placement is expected to close on December 8, 2023, but may close in more than one tranche. The proceeds from the Private Placement will be used to fund the Company's ongoing operations and other general corporate expenditures. The Company expects that officers and directors of the Company, namely Garry Flowers, Daniel Christie and John Burba, will purchase Units under the Private Placement. The Units are being offered pursuant to available prospectus exemptions, including sales to accredited investors. Completion of the Private Placement is subject to regulatory approval including, but not limited to, the approval of the Canadian Securities Exchange. The securities issued under the Private Placement will be subject to a statutory hold period of four months from the date of issuance under Canadian Securities laws and will also be restricted securities under the United States Securities Act of 1933. Board Changes The Company also announces that Foy Wyman Morgan and Maria Echaveste have resigned from the Company's board of directors and have been appointed to the Company's Advisory Committee. The Company is grateful to Mr. Morgan and Ms. Echaveste for their contributions during their tenure as directors and is pleased that it will continue to benefit from their experience and expertise as advisors of the Company. The Company is also in discussions with respect to a proposed appointment of a senior officer of the Company, and it is anticipated that this individual will participate in the Private Placement. TSX Venture Exchange Listing Application The Company is pleased to announce that it has received conditional approval ...