Int’l Battery Metals closes $5M (U.S.) financing

Apr 27, 2023

2023-04-27 07:16 ET – News Release

Mr. Garry Flowers reports

INTERNATIONAL BATTERY METALS LTD CLOSES US$5,000,000 PRIVATE PLACEMENT

International Battery Metals Ltd. has closed a follow-up private placement financing for gross proceeds of $6,693,500 (Canadian) ($5-million (U.S.)). This follow-up private placement is being made by the group that invested $10-million (Canadian) in February, 2022.

Garry Flowers, International Battery’s chief executive officer, notes: “Over the past five years, IBAT has designed, assembled, tested and put in pilot production its modular direct lithium extraction (MDLE) plant and from which it has produced highly concentrated, battery quality lithium chloride salts in production-level quantities. Our breakthrough DLE technologies are backed by a robust portfolio of 11 issued or pending U.S. and overseas patents and proprietary green lithium extraction methodologies. The new funds raised will be used for working capital needs as we accept preplacement orders for new DLE processing plants, and we narrow prospective customer lithium brine resource locations to those sites most conducive for volume production.”

According to Dr. John Burba, director of global technology: “IBAT is prepared to dispatch our commercial-scale modular plants now. Depending on wellhead brine lithium concentrations, each plant can produce up to 5,000 metric tonnes of commercial-grade lithium chloride per year. The modular design allows for IBAT’s technology to be scaled up quickly to extract lithium from the world’s largest resources. IBAT’s DLE plants are modular meaning they can be dispatched to some of the most remote areas of the world where lithium is plentiful, but freshwater is not, such as the Chilean desert. As well, IBAT’s technology occupies a very small footprint that helps protect the surrounding area from the impact of traditional lithium extraction. IBAT’s green technology extracts only lithium chloride from groundwater salt brine deposits and returns the same water to the subsurface aquifer from which it is extracted. The plant can be powered by natural gas produced at the wellhead. Wind towers or solar panel fields are under consideration as a means to ensure a net zero carbon footprint. Finally, in discussions with prospective customer lithium brine resource location owners, we have become acutely aware of our ability to advance our customers environmental, social and governance (ESG) policies while also enabling the recovery of significant carbon tax credits.”

About International Battery Metals Ltd.

The company’s direct lithium extraction technology is based on proprietary lithium extraction housed in patented extraction towers that are enclosed in a modular, shippable platform able to be loaded and brought into production within 10 days of arrival on a customer site. Utilizing the patented technology, the company’s focus has been on advanced extraction of lithium chloride from groundwater salt brine deposits and returning the same water to the subsurface aquifer from which it is extracted. The company’s unique patented technology ensures faster delivery of lithium chloride while ensuring minimal environmental impact.

We seek Safe Harbor.

https://www.ibatterymetals.com/