INTERNATIONAL BATTERY METALS LTD. COMMENCES CLOSING INTERNATIONAL BATTERY METALS LTD. COMMENCES CLOSING TO ACQUIRE INTELLECTUAL PROPERTY RELATED TO OIL FIELD BRINE LITHIUM EXTRACTION International Battery Metals Ltd. has commenced closing on the definitive share exchange agreement with Selective Adsorption Lithium Inc. and North American Lithium Inc. (NAL) announced on March 5, 2018 (see news release).
The company has begun finalization of the transaction by making the required payments to North American Lithium for its proprietary documents and data related to locations of candidate oil field brines that are compatible with International Battery's patent-pending third-generation extraction technology. All parties are now proceeding with completing the remaining documentation to finalize the transaction.
John Burba, the incoming chairman and chief executive officer of the company, stated: "These deliveries and payments are major steps forward in closing this transaction. I look forward to developing this unique proprietary technology for lithium extraction within the company and building long-term value for company shareholders.
"This commencement of closing, along with the recent filing of a patent application, are strategic steps for the company in developing the extraction technology and system designs for deployment in the United States and other countries." Mr. Burba also commented that: "Our patent filing was the first of many that the company is working on to protect our third-generation technology as we begin building our intellectual property portfolio and optimizing our processing techniques. These filings and our rapid development of this technology will help to ensure the company's competitive leadership in the lithium extraction arena."
About International Battery Metals Ltd.
International Battery is an advanced technology company focused on lithium brine extraction. The company is in the process of creating and applying intellectual property related to lithium extraction from oil field brines for petrolithium extraction projects. International Battery's unique extraction process is environmentally friendly, low cost and has the potential to produce high-quality, commercial grade lithium at a much faster rate than the current industry standards