07:14 AM EDT, 10/31/2025 (MT Newswires) -- International Battery Metals ( IBATF ) , an advanced technology provider of modular direct lithium extraction systems, that saw its shares fall 5.5% and about 52-week lows on Thursday, said overnight that it closed its previously announced non-brokered private placement financing which marks the second follow-on investment under its previously announced binding Letter of Intent (LOI) with EV Metals 7 from March.

The company issued 12.4-million units to EV Metals at C$0.225 for C$2.8 million. Each unit is comprised of one IBAT common share and one four-year warrant to buy one IBAT common share at US$0.16 apiece, for proceeds of US$2.0 million.

Each warrant will entitle the holder to buy a share for C$0.30 per IBAT share. Proceeds will be used for general corporate needs.

Following completion of the offering, EV Metals and entities under the common control of Jacob Warnock beneficially own or control 82.9-million IBAT common shares, including restricted share units held by Jacob Warnock, 59.99-million IBAT common share purchase warrants and 2-million warrants to buy IBAT common shares from arm's length third parties.

Shares of the company closed down $0.015 to $0.255 on Thursday on the TSX Venture Exchange.