International Battery Metals Ltd. has announced that pursuant to the asset purchase agreement entered into with North American Lithium Inc. (“NAL“), and Selective Adsorption Lithium Inc. (“SAL“) on April 12, 2018 (the “Asset Purchase Agreement“), the Company is issuing an additional 15,072,992 common shares following the completion of certain milestones (the “Milestone Shares“).
Pursuant to the terms of the Asset Purchase Agreement, the Milestone Shares are to be issued following the completion of the below milestones:
(a) 4,000,000 common shares are to be issued following SAL and the Company filing three US or foreign patent applications with respect to the Company’s intellectual property;
(b) 5,536,496 common shares are to be issued following SAL and the Company filing three additional patents with respect to the Company’s intellectual property; and
(c) 5,536,496 common shares are to be issued following SAL and the Company filing three additional patents with respect to intellectual property.
The Company has confirmed that the above Milestones have been achieved and the Company will issue 5,024,331 common shares to Dr. John Burba immediately. The remaining 10,048,661 common shares issuable pursuant to the Milestones are to be issued upon settlement of terms of issuance between the Company, and each of Christina Borgese and Marc Privitera, the other selling parties under the Asset Purchase Agreement.
In addition to the 5,024,331 common shares to be issued to Dr. Burba, Dr. Burba has also agreed to enter into a voluntary pooling agreement wherein the 5,024,331 common shares will be held by DS Lawyers Canada LLP, as pooling agent, until February 7, 2024, being one year from the date of issuance.