On May 6, 2024, International Battery Metals Ltd., closed the transaction. The company issued 18,642,134 units at a price of CAD 0.76632 for the gross proceeds of CAD 14,285,840.12688 in the transaction. 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 transaction included participation from returning investor Jacob Warnock for 8,478,246 units for an aggregate purchase price of CAD 6,072,440. 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. As a part of the transaction, the company will pay CAD 440,512 payable through the issuance of 574,840 common shares with each common share having a deemed issuance price of CAD 0.76632.

Jacob Warnock acquired aggregate of 8,478,246 units, Immediately prior to the Acquisition, the Acquiror owned 30,490,379 Common Shares, 10,626,557 Warrants and third-party derivative securities to acquire 6,946,293 Common Shares, collectively representing approximately 19.92% of the presently issued and outstanding Common Shares, on a partially-diluted basis. The Acquisition, together with the additional Common Shares to be received pursuant to the structuring fee will increase the Acquiror?s position to 65,443,633 common Shares.