Business
International Battery Metals Ltd. Arranges $1,400,000 in Financings and Announces Resignation of Directors
Vancouver, British Columbia--(Newsfile Corp. - March 9, 2018) - International Battery Metals Ltd. (CSE: IBAT) ("IBAT" or the "Company") is pleased to announce t
About this update from International Battery Metals Ltd
[{"type":"text","content":" Vancouver, British Columbia--(Newsfile Corp. - March 9, 2018) - International Battery Metals Ltd. (CSE: IBAT) (\"IBAT\" or the \"Company\") is pleased to announce that it has engaged Mackie Research Capital Corporation as agent (the \"Agent\") to undertake a brokered private placement financing, on a best efforts basis, of up to 3,000,000 units at a price of $0.35 per unit for gross proceeds of up to $1,050,000. In addition, the Company will carry out a non-brokered private placement financing of $350,000.The foregoing financings are expected to close shortly. Brokered Private Placement Details Up to 3,000,000 units at $0.35 cents per unit (a \"Unit\"). Each Unit will consist of one (1) common share of the Company and one half of one (1/2) non-transferable share purchase warrant. Each full warrant will entitle the holder to purchase one additional common share of the Company at a price of $0.70 per common share for a period of two (2) years, subject to the following acceleration provision (the \"Acceleration Provision\"): if the closing price for the common shares of the Company as traded on the Canadian Securities Exchange is equal to or greater than $1.00 per common share for any 20 non-consecutive trading days within any 60 calendar day period (the \"Threshold Period\") occurring any time after the expiry of the 4 month hold period, then the Purchaser shall have until 4:00 pm (Vancouver, BC Time) of the 30th calendar day after the Company's news release announcement of the occurrence of the Threshold Period to exercise the share purchase warrants (the \"Accelerated Expiry Date\"). The share purchase warrants shall expire on the earlier of the last day of the two (2) year exercise term or the Accelerated Expiry Date. The Company shall issue no other notice other than such news release. The Agent shall be paid a 8% cash commission and 10% compensation options exercisable up to 24 months following the closing into broker units (a \"Broker Unit\") at the price of $0.35 per Broker Unit. Each Broker Unit is comprised of 1 common share and 1 broker warrant (the \"Broker Warrant\"). Each Broker Warrant is exercisable into 1 common share at $0.35 for 24 months subject to the Acceleration Provision. The Agent shall be entitled to the following advisory consulting fees upon the closing of the financing: (i)$65,000 plus GST, payable upo...