07:43 AM EDT, 04/29/2024 (MT Newswires) -- International Battery Metals ( IBATF ) completed a non-brokered private placement financing of up to 14.3 million units at $0.78 each, raising $11.2 million to fund a direct lithium extraction plant in the western U.S. and general corporate purposes.

Each unit consists of one common share and one share purchase warrant. Each warrant is exercisable for one share at $0.98 each for two years. In connection with the financing, International Battery extended the expiry of 6.4 million previously issued warrants from April 21, 2025, to the date which is 24 months from the date of closing the private placement, which is expected to be May 2.

International Battery, which intends to complete additional private placement financing of up to US$15.8 million, announced that it will not proceed with its US$15 million marketed private placement offering with Stifel Canada and BMO Capital Markets, previously announced last January.

The company reported that from early April, Libor Michel is no longer chief executive and that Garry Flowers has resumed his role as sole CEO.