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Pursuant to a binding term sheet entered by the Company and EV Metals on
Each Unit will consist of one common share in the capital of the
The Term Sheet contemplates a total offering of up to
In addition, pursuant to the Investor Rights Agreement, IBAT will grant EV Metals the right to designate one nominee for appointment or election to the board of directors of IBAT, continuing for as long as the EV Metals and its affiliates maintain beneficial ownership of at least 5% of the issued and outstanding Common Shares. The initial nominee of EV Metals is
Warnock formerly served as the Managing Partner of
Provided EV Metals exercises its right to purchase additional Units on or before
This Strategic Offering is being completed in addition to the marketed private placement offering currently being conducted by
The Strategic Offering is subject to approval from the Canadian Securities Exchange. The securities issued under the Strategic Offering are subject to a statutory hold period of four months from the date of issuance under
"IBAT is very pleased that this significant shareholder continues to show their confidence and support for the Company by providing the necessary financial support to allow IBAT to meet its immediate contractual commitment associated with deployment and ongoing operation of the DLE Plant and allowing for sufficient time to properly market its brokered efforts. We are also pleased to welcome
This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any state in
The Company's direct lithium extraction technology is based on proprietary lithium extraction housed in patented extraction towers that are enclosed in a modular, shippable platform able to be loaded and brought into production within 10 days of arrival on a customer site. Utilizing the patented technology, the Company's focus has been on advanced extraction of lithium chloride from ground water salt brine deposits and returning the same water to the subsurface aquifer from which it is extracted. The Company's unique patented technology ensures faster delivery of lithium chloride while ensuring minimal environmental impact.
ON BEHALF OF THE BOARD
"Garry Flowers"
"Libor Michel"
Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
This press release contains certain information that may constitute "forward-looking information "under applicable Canadian securities legislation. This forward-looking information includes, but is not limited to, statements relating to the size, price, securities being offered and other terms of the Strategic Offering, the timing for closing the Strategic Offering and the marketed private placement, the use of proceeds in connection with the Strategic Offering.
Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause IBAT's actual results, performance, achievements, and future events to be materially different from the results, performance, achievement, or future events expressed or implied therein. Factors that could affect the outcome include, among others: future prices and the supply of metals, the future demand for metals, inability to raise the money necessary to incur the expenditures required to advance the Company's business strategies and objectives, general business, economic, competitive, political, and social uncertainties, results relating to its extraction technologies, failure to obtain regulatory or shareholder approvals (if required). There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward looking information.
All forward-looking information contained in this press release is given as of the date hereof and is based upon the opinions and estimates of management and information available to management as at the date hereof. IBAT disclaims any intention or obligation to update or revise any forward-looking information, whether because of new information, future events or otherwise, except as required by law.
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