Business
International Battery Metals, Ltd. Joins Sorcia Minerals LLC, Announces License Agreement for Lithium Extraction Technology and Appointment as Exclusive Equipment and Services Supplier
Vancouver, British Columbia--(Newsfile Corp. - November 8, 2018) - International Battery Metals Ltd. (CSE: IBAT) ("IBAT" or the "Company"), is pleased to announ
About this update from International Battery Metals Ltd
[{"type":"text","content":" Vancouver, British Columbia--(Newsfile Corp. - November 8, 2018) - International Battery Metals Ltd. (CSE: IBAT) (\"IBAT\" or the \"Company\"), is pleased to announce that it has entered into a licensing agreement (the \"Licensing Agreement\") with Ensorica Metals Corporation (\"Ensorcia\") and its wholly-owned subsidiary, Sorcia Minerals LLC (\"Sorcia\"), whereby IBAT will license its novel lithium extraction technology to Sorcia for use in extracting Lithium Carbonate from lithium bearing brine sources in the country of Chile (the \"Territory\"). In addition, the Licensing Agreement appoints IBAT as the exclusive provider to Sortie and its Affiliates of technology, systems and equipment for the extraction of lithium salts from brine within the Territory as well as all design, installation, operation and maintenance services within the Territory with respect to systems and equipment for the extraction of lithium salts from brine. The economic viability and technical feasibility regarding any of the Chilean projects has not been established at this time. As consideration for entering into the Licensing Agreement IBAT will receive a six percent royalty (6%) on the netback sales price of all products produced and sold using the Licensed Technology and has been granted a ten percent (10%) common membership interest in Sorcia. IBAT has also agreed to issue to Ensorcia 1,000,000 common share purchase warrants (the \"Warrants\") exercisable for two years from January 1, 2019 at an exercise price of $0.163 per Warrant share. The issuance of the Warrants is subject to the receipt of the approval of the Canadian Securities Exchange. Both the Warrants and the underlying common shares will be subject to a four month and one day hold period. Upon signing the agreement Dr. John Burba, CEO of IBAT, stated, \"We are very excited to be forming this alliance with Sorcia in the heart of the \"Lithium Triangle\". Chile has some of the world's richest lithium bearing salars and Sorcia's ability to access those resources is a huge advantage. One of IBAT's goals is to produce commercially viable technology with the smallest environmental footprint possible. Our technology is designed to extract lithium without the use of traditional evaporation ponds and our process does not add anything to the source brine, so it can be returned to the salar aquife...