Business
International Battery Metals Ltd. Completes Acquisition of Intellectual Property Related to Oil Field Brine Lithium Extraction
Vancouver, British Columbia--(Newsfile Corp. - April 13, 2018) - International Battery Metals Ltd. (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. - April 13, 2018) - International Battery Metals Ltd. (CSE:IBAT) (\"IBAT\" or the \"Company\"), is pleased to announce that it has completed the previously announced acquisition (the \"Acquisition\") of Selective Adsorption Lithium, Inc. (\"SAL\"), a company that specializes in lithium extraction from oilfield brines (see new release of March 5, 2018). The Acquisition was completed pursuant to a share exchange agreement entered into between the Company, SAL, the shareholders of SAL (\"SAL Shareholders\") and North American Lithium, Inc. (\"NAL\"). John Burba, incoming chairman and chief executive officer (CEO) of IBAT, stated, \"The SAL shareholders and I are thrilled to close this agreement. This is a wonderful opportunity for both companies. More importantly, it is great for the IBAT shareholders. We are ready to create the world's first oilfield lithium exploration and production company.\" Logan Anderson stated, \"We are very pleased to have finalized the agreement with SAL and to have John Burba and his team working towards advancing their third-generation lithium brine extraction technology.\" 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. 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. On closing of the Acquisition, the Company issued 4,700,000 common shares to the SAL Shareholders. In addition, upon the achievement of additional milestones, the Company may issue up ...