VANCOUVER, BC and HOUSTON, April 18, 2025 /CNW/ - International Battery Metals Ltd. ("IBAT" or the "Company") (TSXV: IBAT) is pleased to provide an update on certain general corporate matters.
IBAT logo (CNW Group/International Battery Metals Ltd.)
On April 18, 2025, the Board approved the grant of an aggregate of 3,000,000 restricted share units of the Company ("RSUs") to Joseph A. Mills in connection with commencing his role as Chief Executive Officer of the Company on April 7, 2025 in accordance with Mr. Mills' employment agreement with the Company (the "Employment Agreement") and the Company's restricted share unit plan (the "RSU Plan"). 1,000,000 of such RSUs will vest in full on April 7, 2026 and 2,000,000 of such RSUs will vest in full on the date that the Company completes the building and deployment (with secured financing) of two additional Direct Lithium Extraction ("DLE") plants (in addition to the existing DLE plant that the Company is currently planning to deploy as of April 7, 2025). All such RSUs are subject to Mr. Mills' continuous employment with the Company through such vesting date and accelerated vesting in full in connection with a consummation of a change in control transaction as defined in the Employment Agreement. All such RSUs are subject to the terms of the RSU Plan, applicable securities law hold periods and the policies of the TSXV.
Norma L. Garcia, General Counsel and Corporate Secretary of the Company, was granted 400,000 options of the Company ("Options") in accordance with the Company's option plan (the "Option Plan"). Each Option is exercisable into one common share of the Company for a period of two years from the date of grant at an exercise price of C$0.495 per share. Such 400,000 Options vest as follows: Such stock options will vest in full on February 12, 2027. All such Options are subject to the terms of the Option Plan, applicable securities law hold periods and the policies of the TSXV. Ms. Garcia was also granted 100,000 RSUs in accordance with the RSU Plan. Such 100,000 RSUs will vest in full on February 12, 2028. All such RSUs are subject to the terms of the RSU Plan, applicable securities law hold periods and the policies of the TSXV.
About International Battery Metals Ltd.
The Company's direct lithium extraction technology is based on proprietary lithium extraction media housed in patented extraction towers that are enclosed in a modular, transportable platform that is able to be loaded and brought into production within a condensed time frame after 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. The Company's unique patented technology ensures faster delivery of lithium chloride while ensuring minimal environmental impact.
"Joseph A. Mills"
Joseph A. Mills, CEO (832) 683-8839
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this news release.
This news release contains certain information that may constitute "forward-looking statements" under applicable Canadian securities legislation. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives or future events or performance (often, but not always, using words or phrases such as "seek", "anticipate", "plan", "continue", "estimate", "expect", "may", "will", "project", "predict", "forecast", "potential", "target", "intend", "could", "might", "should", "believe" and similar expressions) are not statements of historical fact and may be "forward-looking statements".
Actual results may vary from forward-looking statements. 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 lithium and other metals, the future demand for lithium and other 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). IBAT believes that the expectations reflected in these forward-looking statements are reasonable, however 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 statements.
All forward-looking statements contained in this press release are given as of the date hereof and are 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 statements, whether because of new information, future events or otherwise, except as required by law.
