Int'l Battery closes $1.11-million placement tranche

2018-04-13 14:35 ET - News Release

Mr. Logan Anderson reports
INTERNATIONAL BATTERY METALS CLOSES FIRST TRANCHE OF NON-BROKERED FINANCING FOR GROSS PROCEEDS OF $1,117,744 AND INCREASES NON-BROKERED AND BROKERED FINANCING
International Battery Metals Ltd. has closed the first tranche of its non-brokered private placement by issuing 3,193,554 units, for aggregate gross proceeds of $1,117,744.
Each unit consists of one common share of the company and one-half of one non-transferable share purchase warrant. Each full warrant entitles the holder to purchase one additional common share of the company at a price of 70 cents per common share for a period of two years, subject to an acceleration provision, as described in the company's news release dated March 9, 2018.

Due to strong investor demand, International Battery has also increased the size of the non-brokered financing to four million units, resulting in gross proceeds to International Battery of up to $1.4-million. After closing the first tranche of the non-brokered private placement, 806,446 units are available. The brokered private placement has also been increased to six million units for maximum gross proceeds of $2.1-million.

Cash finders' fees of $58,499 were paid to two finders in connection with the closing of the first tranche of the private placement. The finders' fees represented 8 per cent of gross proceeds raised on certain subscriptions. The net proceeds from the first tranche of the non-brokered private placement will be used for working capital purposes. All securities issued in connection with the private placement are subject to statutory hold periods in accordance with applicable securities laws.
Further to International Battery's news release dated March 27, 2018, the company also announces that the Canadian Securities Exchange has approved its warrant incentive program. However, due to the number of warrantholders, the company will not be applying for the warrants to be listed and posted for trading on the CSE.
We seek Safe Harbor.