International Battery Metals Ltd. announced a private placement of 8,478,246 units at a price of CAD 0.76632 per unit for gross proceeds of CAD 6,497,049.47472 on May 31, 2024. The company may issue additional Units on the same terms, depending on whether certain parties will exercise existing pre-emptive rights in connection with the Private Placement. Each Unit consists of one common share of the company and one common share purchase warrant, each warrant entitling the holder thereof to acquire one common share for a period of two years from the date of issuance for an exercise price of CAD 0.9579 per common share.

The securities issued under the Private Placement are subject to a statutory hold period of four months from the date of issuance under Canadian Securities laws and will be restricted securities under the United States Securities Act of 1933. In connection with the Private Placement, EV Metals will acquire 8,478,246 units for gross proceeds of approximately CAD 6,497,049.47472 and 423,912 common shares for CAD 324,852 pursuant to the Structuring Fee.