International Battery Metals (IBAT), a provider of modular direct lithium extraction (DLE) systems, announced it has secured a $2.8 million follow-on investment as part of an existing financing agreement with EV Metals VII LLC. The investment represents the fourth tranche under a previously announced binding letter of intent, bringing total committed funding under the agreement to $15.0 million.
The financing is structured as a non-brokered private placement, with EV Metals subscribing for units consisting of common shares and warrants. The proceeds will be used for general corporate purposes as IBAT continues to advance deployment of its next-generation modular lithium extraction technology.
EV Metals, an insider of the company controlled by IBAT director Jacob Warnock, has been a key strategic investor across multiple financings completed in 2025 and 2026. The latest investment underscores continued support for IBAT’s scalable lithium extraction approach, designed to meet growing demand for battery materials.
The offering is expected to close around April 24, 2026, subject to approval from the TSX Venture Exchange. As part of the transaction, IBAT will pay a structuring fee equal to 5% of the gross proceeds.
The investment is considered a related-party transaction under Canadian securities regulations, and the company is relying on applicable exemptions from formal valuation and minority shareholder approval requirements. The transaction was unanimously approved by IBAT’s non-interested directors.
