International Battery Metals Closes Second Tranche Of Non-Brokered Financing For Gross Proceeds Of $279,999.65

- May 23rd, 2018

International Battery Metals Ltd. (CSE:IBAT) has closed the second tranche of its previously announced non-brokered private placement by issuing 799,999 units, for aggregate gross proceeds of $279,999.65.

International Battery Metals Ltd. (CSE:IBAT) has closed the second tranche of its previously announced non-brokered private placement by issuing 799,999 units, for aggregate gross proceeds of $279,999.65.

Each unit consists of one common share of the company and one-half of one non-transferable share purchase warrant. Each full warrant entitles the holder to purchase one additional common share of the company at a price of 70 cents per common share for a period of two years, subject to an acceleration provision, as described in the company’s news release dated March 9, 2018.

A cash finder’s fee of $1,400 was paid to one finder in connection with the closing of the second tranche of the private placement. The finder’s fee represented 8 per cent of gross proceeds raised on a subscription. The net proceeds from the second tranche of the non-brokered private placement will be used for working capital purposes. All securities issued in connection with the private placement are subject to statutory hold periods in accordance with applicable securities laws.

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