Battery X Metals Inc. (CNSX:BATX) entered into a binding letter of intent to acquire Li-ion Battery Renewable Technologies Inc. for CAD 0.8 million on February 13, 2024. Battery X Metals Inc. (CNSX:BATX) entered into a definitive agreement to acquire Li-ion Battery Renewable Technologies Inc on April 11, 2024. As for consideration, Battery X Metals Inc. will acquire 100% of the Shares of LIBRT in consideration of the prorata issuance, to the shareholders of LIBRT, of a total of 5 million common shares of the Company at a deemed price of CAD 0.10 per common share for deemed total purchase price of CAD 0.5 million.

At Closing, LIBRT will become a wholly-owned subsidiary of the Company and the Company will advance CAD 0.1 million to LIBRT as an inter-company loan, which the LIBRT will use as working capital. At Closing, Yoga Yogendran will be appointed as President of the Company and Tina Zhang will be appointed as Chief Operating Officer of the Company. Transaction is subject to regulatory approval, due diligence and signing of definitive agreement.

Transaction is expected to close on March 1, 2024. As of April 11, 2024 Battery X Metals Inc. will acquire 49% of the Shares of LIBRT in consideration of the prorata issuance, to the shareholders of LIBRT, of a total of 7.5 million common shares of the Company at a deemed price of CAD 0.10 per common share for deemed total purchase price of CAD 0.9 million. n addition, the Company has been granted a call right whereby it has the right to acquire the remaining 51% of the common shares of LIBRT for a period from six months from closing to two years from closing for consideration of an additional 10,000,000 common shares of the Company.