SAN JUAN, Puerto Rico, May 31, 2024 /CNW/ – Jacob Warnock (the “Acquiror“) is pleased to announce that he intends to indirectly acquire (the “Acquisition“) control and/or direction over an aggregate of 8,478,246 units (“Units“) of International Battery Metals Ltd. (the “Issuer“), a British Columbia-based, lithium processing company, with each Unit being comprised of one common share of the Issuer (the “Common Shares“) and one Common Share Purchase warrant (the “Warrants“), to acquire one Common Share at a price of C$0.9579 per Common Share for a period of two years following the date of issuance. In addition, and as a structuring fee, EV Metals VI LLC, as defined below, will receive 423,912 Common Shares.
Immediately prior to the Acquisition, the Acquiror owned 30,490,379 Common Shares, 10,626,557 Warrants and third-party derivative securities to acquire 6,946,293 Common Shares, collectively representing approximately 19.92% of the presently issued and outstanding Common Shares, on a partially-diluted basis. The Acquisition, together with the additional Common Shares to be received pursuant to the structuring fee will increase the Acquiror’s position to 65,443,633Common Shares (assuming exercise of the Warrants and all third-party derivative securities to acquire Common Shares), or approximately 25.31% of the presently issued and outstanding Common Shares, on a partially-diluted basis. The Acquiror will control such securities by nature of his control over certain related parties, including EV Metals LLC, EV Metals II LLC, EV Metals III LLC, EV Metals IV LLC, EV Metals V LLC, EV Metals VI LLC, Elegante Energy LLC, Perk Salar, LLC and JAW Puerto Rico Trust.
The securities will be acquired in connection with a non-brokered private placement with the Issuer for an aggregate purchase price of C$6,497,050. The Acquiror, through EV Metals VI LLC, has the right to enter into subscription agreements with the Issuer to acquire an additional US$8,864,000 of Units until June 24, 2024 pursuant to a letter agreement dated February 11, 2024, as amended on May 3, 2024. The Acquiror will acquire the securities for investment purposes, and may acquire further securities, or dispose of its holdings of such securities, both as investment conditions warrant. The Issuer is listed on the Canadian Securities Exchange under the symbol “IBAT”.
The Acquiror is located at 1 Calle Cervantes #5 San Juan PR 00907. For further information please contact Jacob Warnock at [email protected]. The Issuer’s head office is located at Royal Centre, Suite 1750 – 1055 W. Georgia Street, Vancouver, BC V6E 3P3.
SOURCE Jacob Warnock
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