International Battery Metals Ltd. announced a non-brokered private placement of up to 1,649,243 units at a price of CAD 0.70 per unit for the gross proceeds of up to CAD 1,154,470 on December 1, 2023. Each unit will consist of one common share in the capital of the company and and one common share purchase warrant. Each warrant will permit the holder to acquire one additional common share at a price of CAD 0.82 for a period of 24 months from closing of the Private Placement.

The transaction is expected to close on December 8, 2023, but may close in more than one tranche. The Company expects that officers and directors of the company, namely Garry Flowers, Daniel Christie and John Burba, will purchase units under the Private Placement. The transaction is subject to the regulatory approval including, but not limited to, the approval of the Canadian Securities Exchange.

The securities issued under the Private Placement will be subject to a statutory hold period of four months from the date of issuance under Canadian Securities laws and will also be restricted securities under the United States Securities Act of 1933.