Vancouver, British Columbia--(Newsfile Corp. - April 29, 2022) - EVL Holdings LLC ("EVL") is providing this news release in support of an early warning report filed today, with respect to the disposition of 6,475,000 common shares ("Common Shares") of International Battery Metals Ltd. ("IBAT").
EVL completed the dispositions described herein pursuant to private purchase and sale agreements (the "Disposition Transactions"). The Disposition Transactions took place on March 4, 2022, in which 2,500,000 Common Shares were sold (the "March Disposition Transactions") and on April 18, 2022, and April 25, 2022, in which an aggregate of 3,975,000 Common Shares were sold (the "April Disposition Transactions"). On April 27, 2022, EVL received confirmation from IBAT's transfer agent that the April Disposition Transactions had been formally concluded.
Prior to the Disposition Transactions, EVL's 21,229,629 Common Shares represented approximately 15.64% of the issued and outstanding Common Shares of IBAT, based on there having been 135,673,092 Common Shares of IBAT issued and outstanding. Directly following completion of the Disposition Transactions, EVL's 14,754,629 Common Shares represented approximately 10.88% of IBAT's issued and outstanding Common Shares, based on the same total number of Common Shares being issued and outstanding.
The April Disposition Transactions triggered the requirement to file this report in accordance with Section 5.2(2)(a)(i) of National Instrument 62-104 Take-Over Bids and Issuer Bids, as it resulted in a change to EVL's holdings that exceeded 2% of the number of Common Shares of IBAT issued and outstanding. With respect to each transaction comprising the Disposition Transactions, EVL entered into a purchase and sale agreement with the respective seller at a point in time prior to completion of the transaction, and the respective sales prices were negotiated based on the price of IBAT's shares on or about the dates of such agreements. The applicable transaction dates in this news release represent the dates upon which the actual transfers were formally completed by IBAT's transfer agent.
EVL received aggregate cash proceeds in the amount of USD 18,400,000 from the Disposition Transactions (estimated at approximately CAD 23,325,120).
EVL received aggregate cash proceeds in the amount of USD 5,000,000 from the March Disposition Transactions, representing a price per Common Share of USD 2.00 per Common Share (approximately CAD 2.55 per Common Share, for aggregate proceeds of CAD 6,375,000, based on the Bank of Canada Noon Exchange Rate of 1.275 on the date of completion of the March Disposition Transactions).