Business
International Battery Metals Inc. Enters into LOI with North American Lithium, Inc. to Acquire Intellectual Property Related to Oil Field Brine Lithium Extraction
Vancouver, British Columbia--(Newsfile Corp. - October 3, 2017) - International Battery Metals Inc. (CSE: IBAT) ("IBAT" or the "Company") is pleased to announce
About this update from International Battery Metals Ltd
[{"type":"text","content":"Vancouver, British Columbia--(Newsfile Corp. - October 3, 2017) - International Battery Metals Inc. (CSE: IBAT) (\"IBAT\" or the \"Company\") is pleased to announce it has entered into a binding letter of intent with North American Lithium, Inc. (\"NAL\") dated September 28, 2017 (the \"LOI\"), pursuant to which IBAT will acquire NAL's intellectual property related to lithium extraction from oil field brines (the \"Intellectual Property\") for petro lithium extraction projects (the \"Proposed Transaction\"). 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. The technology involves processes that are highly selective for lithium and an extraction system that allows lithium extraction from complex brines with only minimal pretreatment. There is no need to pretreat the brine to remove divalent cations such as calcium or magnesium. The process also inherently rejects troublesome anions such as sulfate and borate. Rather, brine flows into the process. Lithium chloride is removed and the brine is injected back into the ground through an environmentally permitted well. The output of these patent pending processes is a clean lithium salt solution that is suitable for further processing to desired products. Additionally, the patent pending process and equipment are specifically designed to be compatible with the demands of remote oilfield operations. NAL's technology provides significant advantages including significant cost savings due to minimal brine pretreatment and exceedingly low chemical consumption. The unique equipment design also allows rapid implementation, minimizing traditional lag time for bringing resources on line. NAL is led by Dr. John Burba who has 40 years' experience with Dow Chemical, FMC, and Simbol Minerals in the lithium extraction industry. Included in his team are Marc Privitera (an AICHE Fellow), a chemical engineer with over 30 years' experience and Christina Borgese (AICHE) who has a depth of experience in developing, engineering and constructing large chemical projects. In order to effect the transfer of the Intellectual Property to IBAT, NAL will form a new company (\"Subco\") and transfer 100% of the Intellectual Property to Subco, following which the IBAT will acquire 100% of the issued and ...