Vancouver, British Columbia--(Newsfile Corp. - August 31, 2017) - International Battery (CSE: IBAT) is the latest new listing on the Canadian Securities Exchange, and trades under the symbol "IBAT". The company changed its name from Rheingold Exploration to better reflect its new business direction.
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The company is focused on the exploration and development of natural resource projects targeting metals used in the manufacturing of traditional and innovative batteries.
The company has entered into an option agreement to purchase 37,500 acres previously leased for oil, gas and Lithium extraction, in the "Woodbury Carper Lithium Resource Project", located primarily in the Cumberland and Jasper Counties in Illinois. The project represents a lithium resource development opportunity at shallow drilling depths, of less than 4,000 feet, located on fee acreage that is easy to permit and drill, with several existing wells capable of producing large volumes of lithium-rich brine.
The company has engaged Hunter Stuart Energy Advisors to locate prospective lithium properties.
Clifford C. Clark, a Geologist with Hunter Stuart, stated: "Two wells that are included in the assets under the Option Agreement have produced brine from the Carper Sandstone that have been tested for lithium content (tests are not NI 43-101 compliant). The lithium readings from known and credible laboratories were measured at 108 ppm and 243 ppm. (Sam call it parts per million) It is significant to note that the optioned land has a permitted salt water disposal well, which may be used to dispose of the brines."
Clark believes more testing using advanced methods for determining lithium content is needed to more precisely determine the lithium content of the brine on the optioned properties
Logan Anderson, President and CEO, stated: "(The company) is extremely pleased that the Hunter Stuart team, utilizing their experience and database of oil field brine data from over 100,000 wells, has negotiated this option on a highly prospective lithium property in an area of the United States that has immediate access to all of the services needed."
The company will pay US$8 million, subject to due diligence, over approximately 3 years, with an option to pay approximately 50% of the cost in shares.
The company is also in the process of acquiring the Bygoo Tin project in Australia, at a cost of $2,830,000 Australian dollars. For more information on the Bygoo project please refer to the NI 43-101 Technical Report on Sedar.
The company is currently raising up to $1.3 million from a non-brokered private placement of 5 million units at $0.26 per unit, with each unit consisting of one share and one warrant, with each warrant exercisable at 0.52 for 24 months, subject to an acceleration clause. The company closed its first traunche, raising $175,000.
The shares are trading at $0.31 and with 18.8 million shares outstanding, prior to the current private placement, the company is capitalized at $5.8 million.
The company is constructing a new website, so please contact Logan Anderson, President and CEO, at [email protected].
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