- International Battery Metals (IBAT) has entered into a follow up private placement financing for gross proceeds of CAD$6,693,500 (USD$5,000,000)
- The company plans to use the proceeds for working capital needs, to accelerate research and development efforts, product development and technology adoption
- International Battery Metals is an advanced direct lithium extraction technology company
- International Battery Metals Ltd. (IBAT) is up 0.84 per cent, trading at C$1.20 per share at 2:19 pm ET
International Battery Metals (IBAT) has entered into a follow up private placement financing for gross proceeds of CAD$6,693,500 (USD$5,000,000).
This placement consists of 6,396,999 units and is made by the group who invested CAD$10,000,000 in February, 2022.
Each unit consists of one common share valued at CAD$1.04635 and one common share purchase warrant. Each warrant entitles the holder to purchase one additional common share for two years from the date of issue at CAD$1.21 per share.
The company plans to use the proceeds for working capital needs, to accelerate research and development efforts, product development and technology adoption, and for preplacement orders of new direct lithium extraction processing plants for siting on customer brine resources.
In connection to the private placement, the company will pay a fee to Piper Sandler & Co in an amount and on terms established by the company, the investors, and Piper.
International Battery has also agreed to amend 3,333,333 warrants issued under the February 24, 2022 private placement. The company will amend the exercise price of the 3,333,333 warrants from CAD$3.83 to CAD$1.21.
About the company
International Battery Metals is an advanced direct lithium extraction technology company. It focuses on ethical and ecological extraction of lithium from brines.
The company is applying its patented intellectual property into building mobile lithium extraction units that can be utilized worldwide.
International Battery Metals Ltd. (IBAT) is up 0.84 per cent, trading at C$1.20 per share at 2:19 pm ET.
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