International Battery Metals Ltd (IBATF)

[TradingCharts]

2 HOURS AGO-VANCOUVER, BC and HOUSTON, June 20, 2024 /PRNewswire/ - International Battery Metals Ltd. (the "Company"), is pleased to announce that it has completed a subsequent closing of its previously announced (April 26, 2024, and May 31, 2024) strategic private placement (the "Private Placement"). Pursuant to the Private Placement, the Company issued 11,478,246 units (each a "Unit"), with each Unit being issued at a deemed price of CAD$0.76632, for aggregate proceeds of USD$6,430,772 (approximately CAD$8,796,010).

The Private Placement was completed with EV Metals VI LLC, a private company controlled by Jacob
Warnock, a director of the Company (“EV Metals”), and funds and accounts managed by Encompass
Capital Advisors LLC (“Encompass”). Encompass is participating in the Private Placement pursuant
to certain pre-emptive rights granted under the terms of an Investment Agreement dated effective April
21, 2023.
In connection with the Private Placement, the Company will pay a structuring fee to EV Metals (or as
directed by EV Metals) in the amount of USD$237,500 (CAD$324,852), payable through the issuance
of 423,912 Common Shares (the “Structuring Fee”)

The proceeds of the Private Placement will used by the Company for expenditures to increase the
production capacity of its modular direct lithium extraction plant (the “DLE Plant”) contracted for
operations in the western United States as previously announced on January 11, 2024 and May 6, 2024,
and for general working capital purposes. The expanded production capacity will be achieved by
adding an additional modular set of extraction columns into the existing framework. In order to
manage the increase production, the Company will also increase the size of the filtration and reverse
osmosis units.

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