International Battery Metals Ltd. (the “Company”) (CSE: IBAT) (FSE: 8RE) announced that its Board of Directors (the “Board”) intends to evaluate a range of strategic alternatives to maximize shareholder value, including without limitation, a merger, reverse merger or other business combination, strategic private placement or succession of private placements representing 10% or more of the outstanding capital stock of the Company, or other transaction.
To assist in this, the Company has engaged Piper Sandler & Co. (“Piper Sandler”) as exclusive financial advisor to assist with the evaluation process.
The term of the Piper Sandler engagement is one year and with the exception of a break fee payable in certain circumstances, all compensation payable to Piper Sandler is contingent upon the consummation of a business combination or other transaction meeting the Company’s strategic objectives.
Dr. John Burba, President and Chief Executive Officer stated,
We are very pleased to be working with Piper Sandler to explore strategic alternatives that maximize value for our shareholders.
“With continued progress of the engineering and manufacturing of our patent pending mobile lithium extraction unit and our joint projects with Sorcia Minerals LLC in Chile and Argentina we believe now is an opportune time to evaluate alternatives to bring value forward for our shareholders.”
“We believe our proprietary direct extraction technology provides the most efficient and environmentally friendly solution to lithium shortages caused by surging demand in the global energy storage and electric vehicle markets.”
There can be no assurance that such evaluation will result in one or more transactions or other strategic change or outcome.
The Company has not set a timetable for the conclusion of its evaluation or strategic alternatives, and it does not intend to comment further unless and until the Board has approved a specific course of action or the Company has otherwise determined that further disclosure is appropriate or required by law.
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International Battery Metals Engages Piper Sandler & Co. as Financial Advisor, VANCOUVER, BC, October 7, 2021
