International Battery Metals Ltd (IBATF)

[TradingCharts]

INTERNATIONAL BATTERY METALS LTD. ANNOUNCES BINDING TERM SHEET FOR NON-BROKERED PRIVATE PLACEMENT FINANCING
Mar 3, 2025 6:30
https://money.tmx.com/quote/IBAT/news/5808960264851666/INTERNATIONAL_BATTERY_METALS_LTD_ANNOUNCES_BINDING_TERM_SHEET_FOR_NONBROKERED_PRIVATE_PLACEMENT_FINANCING

The issue price per Unit will be based on the maximum permissible discount to the market price of the Company's common shares (the " Common Shares ") under the rules of the TSX Venture Exchange (the " TSXV ") as of closing on the trading day immediately preceding the announcement of the closing of a tranche of the Offering (the " Market Price "). Each Unit will consist of one Common Share and one Common Share purchase warrant (a " Warrant "). Each Warrant will entitle the holder to acquire one additional Common Share (each, a " Warrant Share ") at an exercise price of equal to the Market Price per Warrant Share, until the date which is four years from the date of issuance. The use of proceeds for each tranche of the Offering will be disclosed in the applicable news release announcing such tranche.

The Company expects to close the first tranche of the Offering (the " Initial Closing ") on or before March 31, 2025 . Under the Initial Closing, EV Metals VII and entities under the common control of Jacob Warnock (together, " EV Metals ") have agreed to purchase US$7,550,000 of Units and based on the Bank of Canada US$1.00 to C$ exchange rate as of February 28, 2025 of US$1.00 to C$1.44 , the Company expects to issue 26,084,453 Units to EV Metals at an issue price of C$0.4168 for aggregate gross proceeds of C$10,872,000 . The Warrants issuable pursuant to the Initial Closing will entitle the holder to acquire one Warrant Share at an exercise price of C$0.51 per Warrant Share for a period of four years from the date of the Initial Closing. The proceeds of the Initial Closing will be used for preparing IBAT's modular direct lithium extraction plant (" MDLE Plant ") for future operations and general corporate purposes. Provided that EV Metals elects to acquire additional Units at any time prior to April 17, 2025 , the Company expects the price per Unit and exercise price of the Warrants will remain the same as the Initial Closing.