INTERNATIONAL BATTERY METALS LTD ANNOUNCES ENGAGEMENT OF NOVAK DRUCE CARROLL, LLP
VANCOUVER, BC and HOUSTON, Sept. 21, 2023 /CNW/ - International Battery Metals Ltd. (the "Company" ) is pleased to announce that it has entered into an engagement agreement with Novak Druce Carroll, LLP, ("Novak LLP") (the "Engagement Agreement"). Novak LLP is a law firm operating out of the State of Texas, which offers unique services related to intellectual property and patent protection.
Pursuant to the terms of the Engagement Agreement, Novak LLP will assist the Company with the further development and enhancement of its intellectual property and patented protected Modular Direct Lithium Extraction unit. As payment for these services, the Company has agreed to issue 400,000 common shares to Novak LLP at a deemed issue price per common share of CAD$1.195 (the "Share Issuance), as well as to pay USD$200,000 as an earned fee for general intellectual property services.
In accordance with the Share Issuance, the Company is also filing with the Canadian Securities Exchange a Form 9 – Notice of Proposed Issuance.
The Company's direct lithium extraction technology is based on proprietary lithium extraction housed in patented extraction towers that are enclosed in a modular, shippable platform able to be loaded and brought into production within 10 days of 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 from which it is extracted. The Company' unique patented technology ensures faster delivery of lithium chloride while ensuring minimal environmental impact.
ON BEHALF OF THE BOARD
"Garry Flowers"
Garry Flowers, CEO
Neither Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release may contain assumptions, estimates, and other forward-looking statements regarding future events. Such forward-looking statements involve inherent risks and uncertainties and are subject to factors, many of which are beyond the Company's control that may cause actual results or performance to differ materially from those currently anticipated in such statements.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any state in the United States in which such offer, solicitation or sale would be unlawful. The securities referred to herein have not been and will not be registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements. This release may contain statements within the meaning of safe harbour provisions as defined under securities laws and regulations.
This release may contain certain forward looking statements with respect to certain of the plans and objectives of the Company. The use of any of the words "will", "expected", "view", "believes" and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on the Company's current belief or assumptions as to the outcome and timing of such future events. Actual future results may differ materially. Actual results and developments may differ materially from those contemplated by forward-looking information. Readers are cautioned not to place undue reliance on forward-looking information. The statement made in this press release are made as of the date hereof. The Company disclaims any intention or obligation to publicly update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as may be expressly required by applicable securities laws.
By their nature, forward‐looking statements involve risk and uncertainty because they relate to events and depend on circumstances that will occur in the future and there are many factors that could cause actual results and developments to differ materially from those expressed or implied by these forward‐looking statements.
SOURCE International Battery Metals Ltd.
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