Come on man, you know darn well that it is not patience, that I lack.
It is trust/caution issue, that concerns me.
August 21, 2019 Item 3. News Release The news release was issued on August 21, 2019 and was disseminated by Newsfile. Item 4. Summary of Material Change On August 21, 2019, International Battery Metals Ltd. (the “Company”) announced that they were entering into private placement agreements with Escorcia Metals Corporation (‘Ensorcia”) a licensee of the Company’s lithium extraction technology and Beaty Limited. Item 5. Full Description of Material Change International Battery Metals Ltd. (the “Company”) (CSE: IBAT) The Company announced private placement agreements with Escorcia Metals Corporation (‘Ensorcia”) a licensee of the Company’s lithium extraction technology and Beaty Limited for the purchase of up to 13,000,000 units at a price of $0.105 USD (approximately $0.14 CAD) per unit for total proceeds of up to $1,365,000 ( approximately $1,820,000 CAD). Each unit will consist of one common share of the Company and one non-transferable share purchase warrant. Each warrant will be exercisable to purchase an additional common share at a price of $0.105 USD (approximately $0.14 CAD) per share for a period of two years from closing of the private placement. The private placement is expected to be completed in tranches over a 45-day period. Any amount not completed with the 45-day period will be subject to re-pricing under the CSE private placement policy. Under the terms of the private placement agreements the placees will be granted a preemptive right for two years from closing, in respect of any equity securities issuance by the Company, to purchase at fair market value the amount of securities required to maintain their percentage holding of the Company. The placees have agreed to vote their shares with management on general meeting matters during the two-year period. The proceeds will be used to support completion and implementation of the Company’s first mobile lithium extraction unit. The unit is to be built in the US and will be shipped to South America by container and to be deployed to an Ensorcia sourced salar. In addition, the proceeds will be used to file additional patent applications related to the Company’s extraction process, and, to pay accounts payable totaling approximately $325,000 CAD of which approximately $146,000 CAD will be paid to related parties. Dr. John Burba said, “We are very pleased to welcome our new shareholders. We also continue to be very excited about our South American projects. We look forward to demonstrating the environmental, economic and timing advantages of our proprietary technology.”
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