On May 6, 2024, International Battery Metals Ltd., closed the transaction. The company issued 18,642,134 units at a price of CAD 0.76632 for the gross proceeds of CAD 14,285,840 in the transaction. Each unit consists of one common share of the company, and one common share purchase warrant, each warrant entitling the holder thereof to acquire one common share for a period of two years from the date of issuance for an exercise price of CAD 0.9579 per common share.

The transaction included participation from Jacob Warnock for an aggregate purchase price of CAD 6,072,440. The securities issued under the private placement are subject to a statutory hold period of four months from the date of issuance under Canadian Securities laws and will be restricted securities under the United States Securities Act of 1933. As a part of the transaction, the company will pay CAD 440,512 payable through the issuance of 574,840 common shares with each common share having a deemed issuance price of CAD 0.76632.