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International Battery Metals Provides Supplement Information to Management Information Circular
Vancouver, British Columbia--(Newsfile Corp. - April 8, 2021) - International Battery Metals Ltd. (CSE: IBAT) (the "Company") provides this news release to supp
About this update from International Battery Metals Ltd
[{"type":"text","content":" Vancouver, British Columbia--(Newsfile Corp. - April 8, 2021) - International Battery Metals Ltd. (CSE: IBAT) (the \"Company\") provides this news release to supplement information for the Special Meeting to be held April 19, 2021 whereby the Company is seeking shareholder approval for a private placement with Sorcia Minerals LLC (\"Sorcia\") and EVL Holdings, LLC (\"EVL\") at a price of $0.58 per unit (the \"Financing\"). Background to the Financing: In October and December 2020 the Company completed two private placements with Sorcia and EVL for $2.5M each. Prior to these private placements the Company was struggling to raise funds in the lithium market. The funds raised were not enough to assemble and fabricate the Company's Mobile Lithium Extraction Unit. Sorcia and EVL proposed to the Company that they would do an additional private placement and in early 2021 they made a formal proposal to do a $10M private placement. There were various conferences with the Company's representatives and Sorcia and EVL's representatives. Ultimately, because there was no other funding forthcoming, the Board of Directors of the Company agreed to proceed with a private placement with no commissions at a price of $0.58 per unit. This funding will enable to Company to commence fabrication of the Mobile Extraction Unit. Board review and approval of Financing: There was no special committee formed for the Financing. The Company has only four directors which are all independent of Sorcia, EVL and Ensorcia Metals Corp. (which is the parent company of Sorcia). All of the directors understand the need for the Financing to keep the Company's objectives on track to complete the Mobile Extraction Unit. Additionally, the price of the Financing is attractive and Sorcia and EVL agree to support the management of the Company and the Company's objectives. Voting Arrangement: The October and December 2020 private placements provided voting arrangements with Sorcia and EVL whereby Sorcia and EVL will vote their shares with management for a period of two years. The Company proposed the voting arrangements because the Company has licensing agreements with Ensorcia Metals Corp. and wanted to ensure that the majority of the directors remains independent from Ensorcia Metals Corp. These voting arrangements are included in the Financing the Company is seeking ...