07:07 AM EDT, 04/07/2025 (MT Newswires) -- International Battery Metals ( IBATF ) over the weekend said it will raise US$15 million in a new tranche of a previously announced private placement of units.

International Battery Metals ( IBATF ) completed an initial closing with EV Metals 7 and EV Metals VI, in which it issued around 26.1 million units at C$0.42 per unit, for gross proceeds of US$7.6 million. Each unit consists of one common share and one common share purchase warrant entitling the holder to acquire one additional common share at an exercise price of C$0.51 per share until March 31, 2029.

In this second closing, EV Metals 7 has agreed to purchase US$679,000 of units. The company expects to issue 2.3 million units at an issue price of C$0.42 for gross proceeds of C$977,759.87. Proceeds from the closing will be used for preparing International Battery Metals' ( IBATF ) modular direct lithium extraction plant for future operations and for general corporate purposes.

The company has also agreed to pay Jacob Warnock, a company director and control person of EV Metals 7, a financing structuring fee of US$33,950 in cash, equal to 5% of the gross proceeds of the closing.