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International Battery Metals Inc. Enters Into Definitive Share Exchange Agreement to Acquire Intellectual Property Related to Oil Field Brine Lithium Extraction
Vancouver, British Columbia--(Newsfile Corp. - March 5, 2018) - International Battery Metals Inc. (CSE: IBAT) ("IBAT" or the "Company") is pleased to announce i
About this update from International Battery Metals Ltd
[{"type":"text","content":" Vancouver, British Columbia--(Newsfile Corp. - March 5, 2018) - International Battery Metals Inc. (CSE: IBAT) (\"IBAT\" or the \"Company\") is pleased to announce it has entered into a binding Share Exchange Agreement (the \"SEA\"), with North American Lithium, Inc. (\"NAL\") and Selective Adsorption Lithium, Inc. (\"SAL\"), dated March 4, 2018, pursuant to which IBAT will acquire intellectual property related to lithium extraction from oil field brines (the \"Intellectual Property\") for petro lithium extraction projects. NAL is a California corporation that has developed unique technology that allows direct extraction of lithium from complex brines such as those found in oil fields. SAL has advanced this technology and owns intellectual property related to oil field brines. The SAL technology involves processes that are highly selective for lithium, and an extraction system that allows lithium recovery from complex brines with only minimal pretreatment. Pretreatment of the brine to remove calcium or magnesium is not necessary in the process. The process also inherently rejects sulfate and borate from interfering with the lithium extraction. Once the oil field brine flows into the system, lithium chloride is removed, and the remainder of the brine is injected back into the ground through an environmentally permitted well. The output of the patent pending SAL process and system is a high concentration, clean lithium salt solution suitable for further processing into desired products. Additionally, the SAL patent pending process and equipment are specifically designed to operate in the rugged conditions often present at remote oilfield operations. The patent pending SAL technology provides significant advantages including cost savings by minimizing brine pretreatment and through reduced chemical consumption. The unique equipment design also allows for rapid implementation and installation, minimizing the traditional lag time associated with bringing resources on line. In order to effect the transfer of the relevant oil field SAL Intellectual Property to IBAT, IBAT will acquire 100% of the issued and outstanding securities of SAL, in consideration of up to 25,309,488 common shares of IBAT as follows: 4,700,000 Shares on closing of the Proposed Transaction; 4,000,000 Shares upon SAL and IBAT completing an agreed upon milestone in ...