Battery X Metals Inc. (CNSX:BATX) entered into a binding letter of intent to acquire Li-ion Battery Renewable Technologies Inc. for CAD 0.8 million on February 9, 2024. Battery X Metals Inc. (CNSX:BATX) entered into a definitive agreement to acquire 49% interest in Li-ion Battery Renewable Technologies Inc. for CAD 0.45 million on April 10, 2024. As for consideration, Battery X Metals Inc. will acquire 100% of the Shares of LIBRT in consideration of the prorata issuance, to the shareholders of LIBRT, of a total of 5 million common shares of the Battery X Metals Inc. at a deemed price of CAD 0.10 per common share for deemed total purchase price of CAD 0.5 million.

At Closing, LIBRT will become a wholly-owned subsidiary of the Battery X Metals Inc. and the Battery X Metals Inc. will advance CAD 0.1 million to LIBRT as an inter-company loan, which the LIBRT will use as working capital. At Closing, Yoga Yogendran will be appointed as President of the Company and Tina Zhang will be appointed as Chief Operating Officer of the Company. Transaction is subject to regulatory approval, due diligence and signing of definitive agreement.

Transaction is expected to close on March 1, 2024. As of April 11, 2024 Battery X Metals Inc. will acquire 49% Class A & D common shares of the Shares of LIBRT in consideration of the prorata issuance, to the shareholders of LIBRT, of a total of 7,499,998 shares of common shares of the Battery X Metals Inc. at a deemed price of CAD 0.10 per common share for deemed total purchase price of CAD 0.9 million. 6,449,998 common shares of Battery X Metals Inc. will be issued against class A common shares of Li-ion Battery Renewable Technologies Inc and 1,050,000 common shares of Battery X Metals Inc. will be issued against class D common shares of Li-ion Battery Renewable Technologies Inc. Addition, the Battery X Metals Inc. has been granted a call right whereby it has the right to acquire the remaining 51% of the common shares of LIBRT for a period from six months from closing to two years from closing for consideration of an additional 10,000,000 common shares of the Battery X Metals Inc. As of May 2, 2024, the merger agreement has been amended.

As per the amended merger agreement Battery X Metals Inc. will acquire 49% of the Class A & D common shares of LIBRT issued and outstanding as at the date of this Amended Agreement in exchange for 4,500,000 common shares of the Battery X Metals Inc. at a deemed price of $0.10 per share for consideration of CAD 450,000. 3,870,000 common shares of Battery X Metals Inc. will be issued against class A common shares of Li-ion Battery Renewable Technologies Inc and 630,000 common shares of Battery X Metals Inc. will be issued against class D common shares of Li-ion Battery Renewable Technologies Inc.