INTERNATIONAL BATTERY METALS LTD CLOSES US$5,000,000 PRIVATE PLACEMENT
VANCOUVER, BC and HOUSTON, Texas, April 27, 2023 /PRNewswire/ - International Battery Metals Ltd. (the "Company" ) (CSE: IBAT) (OTC: IBATF) (FSE: 8RE) is pleased to announce that it has closed a follow up private placement financing for gross proceeds of CAD$6,693,500 (USD$5,000,000) (the "Private Placement"). This follow up private placement is being made by the group who invested CAD$10,000,000 in February, 2022.
Garry Flowers, IBAT's CEO, notes "Over the past five years, IBAT has designed, assembled, tested and put in pilot production it's 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 US and overseas patents and proprietary 'Green' lithium extraction methodologies. The new funds raised will be used for working capital needs as we accept pre-placement orders for new DLE processing plants, and we narrow prospective customer lithium brine resource locations to those sites most conducive for volume production."