VANCOUVER, BC and HOUSTON, Jan. 14, 2025 /PRNewswire/ – International Battery Metals Ltd. (the “Company” or “IBAT“) (TSXV: IBAT) is pleased to provide an update on certain general corporate matters. Following the Company’s most recent annual general meeting held on October 31, 2024, the Company’s board of directors (the “Board“), consisting of John Burba (founder), Jacob Warnock, James Schultz, Keith Solar and John Souther, elected John Burba to act as the Chair of the Board.
On November 26, 2024, the Board approved the grant of an aggregate of 2,705,630 restricted share units of the Company (“RSUs“) to the directors of the Company in accordance with the Company’s restricted share unit plan (the “RSU Plan“). Each director received a grant of 541,126 RSUs. The RSUs will fully vest one year from the date of grant and once vested, each RSU will settle into one common share of the Company. All such RSUs are subject to the terms of the RSU Plan, applicable securities law hold periods and the policies of the TSX Venture Exchange (the “TSXV“).
In connection with commencing her role as Chief Executive Officer of the Company on August 20, 2024, Iris Jancik was granted 2,113,814 options of the Company (“Options“) in accordance with the Company’s option plan (the “Option Plan“). Each Option is exercisable into one common share of the Company for a period of ten years from the date of grant at an exercise price of C$0.94 per share. The Options vest as follows: 600,000 on the date of grant, 252,302 on the last day of each of the first four periods of six months immediately following the date of grant and 252,303 on the last day of each of the first two periods of six months immediately following the second anniversary of the date of grant. All such Options are subject to the terms of the Option Plan, applicable securities law hold periods and the policies of the TSXV. Ms. Jancik was also granted 4,227,630 RSUs in accordance with the RSU Plan. The RSUs vest 300,000 on the date of grant with the remainder vesting in tranches on the completion of certain milestones as agreed to by Ms. Jancik and the Board. All such RSUs are subject to the terms of the RSU Plan, applicable securities law hold periods and the policies of the TSXV.
About International Battery Metals Ltd.
IBAT is an advanced technology company focused on the development of environmentally responsible methods of extracting lithium compounds from brine. IBAT has developed a patented modular direct lithium extraction plant (“MDLE Plant“) which allows for rapid deployment to a resource holder’s production site. IBAT is working with resource holders of oilfield brines, brine aquifers, and industrial customers with brine by-products. IBAT believes the modular design of its MDLE Plant provides significant initial costs savings to customers and the proprietary direct lithium extraction technology lowers operating costs by selectively extracting lithium from the brine while efficiently removing contaminants.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
