International Lithium Announces Increase in Private Placement of Convertible Debentures
NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED STATES
NEWS RELEASE
International Lithium Announces Increase in Private Placement
of Convertible Debentures
Vancouver, B.C. January 24, 2020: International Lithium Corp. (the “Company” or “ILC”) (TSX
VENTURE: ILC) is pleased to announce that it has increased to $1,0 27,500 the non-brokered
private placement (the “ Private Placement ”) of secured convertible debentures (the
“Debentures”) announced on November 29, 2019 . The Debentures will mature on September
30, 2020 and bear interest at a rate of 12% per annum. The debentureholders will have the right
to redeem the Debentures on March 31, 2020 and may convert at any time, all or a portion of the
Debentures into common shares of the Company at a price of $0.05 per common share.
The Company also announces that it intends to close in the amount of GBP 254,000 (approx.
CAD $435,000) the non-brokered private placement (the “GBP Private Placement”) of secured
Debentures announced on November 29, 2019 . The Debentures will mature on September 30,
2020 and bear interest at a rate of 12% per annum. The debentureholders will have the right to
redeem the Debentures on March 31, 2020 and may convert at any time, all o r a portion of the
Debentures into common shares of the Company at a price of $0.05 per common share.
The proceeds from the Private Placement and the GBP Private Placement will be used for general
working capital purposes and for exploration on the Company’s Raleigh Lake project in Ontario.
Certain directors of the Company may participate in these private placements. The proposed
issuance of private placement securities to non -arms’ length parties also constitutes a related -
party transaction under Multilateral Instrument 61-101 - Protection of Minority Security Holders in
Special Transactions (“MI 61-101”). Because the Company’s shares trade only on the TSXV, the
issuance of securities is exempt from the formal valuation requirements of Section 5.4 of MI 61 -
101 pursuant to Subsection 5.5(b) of MI 61 -101 and exempt from the minority approval
requirements of Section 5.6 of MI 61-101.
About International Lithium Corp.
International Lithium Corp. believes that the ‘20s will be the decade of battery metals, at a time
that the world faces a major turning point in the energy market’s dependence on oil and gas and
in the governmental and public view of climate change. Our key mission in the new decade is to
make money for our shareholders from lithium and battery metals while at the same time helping
to create a greener, cleaner planet. This includes optimizing the value of our existing projects in
1030 West Georgia Street, Suite 1910
Vancouver, British Columbia
V6E 2Y3, Canada
T: +1-604-449-6520
www.internationallithium.com
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Canada, Argentina and Ireland as well as finding, exploring and developing projects that have the
potential to become world class lithium and rare metal deposits. In addition, we have seen the
clear and growing wish by the USA and Canada to safeguard their supplies of critical batte ry
metals, and our Canadian properties are strategic in that respect.
A key goal in the new decade is to become a well funded company to turn our aspirations into
reality.
International Lithium Corp. has a significant portfolio of projects, strong management, and strong
partners. Partners include Jiangxi Ganfeng Lithium Co. Ltd., (“Ganfeng Lithium”) a leading China-
based lithium product manufacturer quoted on the Shenzhen and Hong Kong stock exchanges
(A share code: 002460, H share code: 1772) and Pionee r Resources Limited, quoted on the
Australian Stock exchange (ASX:PIO).
The Company’s primary strategic focus is now on the Mariana project in Argentina and on the
Raleigh Lake project in Canada.
The Company has a strategic stake in the Mariana lithium-potash brine project located within the
renowned South American “Lithium Belt” that is the host to the vast majority of global lithium
resources, reserves and production. The Mariana project strategically encompasses an entire
mineral rich evaporite basin , totalling 160 square kilometres, that ranks as one of the more
prospective salars or ‘salt lakes’ in the region. Current ownership of the project is through a joint
venture company, Litio Minera Argentina S. A., a private company registered in Argentina, now
owned 86.297% by Ganfeng Lithium and 13.703% by ILC (percentages are estimates and subject
to audit). In addition, ILC has an option to acquire a further 10% in the Mariana project through a
back-in right.
The Raleigh Lake project, now consisting of 3,027 hectares of adjoining mineral claims in Ontario,
is regarded by ILC management as ILC’s most significant project in Canada. It is 100% owned by
ILC, is not subject to any encumbrances, and is royalty free.
Complementing the Company’s lithium brine project at Mariana and rare metal pegmatite property
at Raleigh Lake, are interests in two other rare metal pegmatite properties in Ontario, Canada
known as the Mavis Lake and Forgan Lake projects, and the Avalonia project in Ireland, which
encompasses an extensive 50-km-long pegmatite belt.
The ownership of the Mavis Lake project is now 51% Pioneer Resources Limited (ASX: PIO,
“Pioneer”) and 49% ILC. In addition, ILC owns a 1.5% NSR on Mavis Lake. Pioneer has an option
to earn an additional 29% by sole-funding a further CAD $8.5 million expenditures of exploration
activities, at which time the ownership will be 80% Pioneer and 20% ILC.
The Forgan Lake project will, upon Ultra Resources Inc. meeting its contractual requirements
pursuant to its agreement with ILC, become 100% owned by Ultra Resources (TSXV: ULT), and
ILC will retain a 1.5% NSR on Forgan Lake.
The ownership of the Avalonia project is currently 55% Ganfeng Lithium and 45% ILC. Ganfeng
Lithium has an option to earn an additional 24% by either incurring CAD $10 million expenditures
on exploration activities or delivering a positive feasibility study on the project, at which time the
ownership will be 79% Ganfeng Lithium and 21% ILC.
With the increasing demand for high tech rechargeable batteries used in electric vehicles and
electrical storage as well as portable electronics, lithium has been designated “the new oil”, and
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is a key part of a “green tech” sustainable economy. By positioning itself with solid strategic
partners and projects with significant resource potential, ILC aim s to be one of the lithium and
battery metals resource developers of choice for investors and to continue to build value for its
shareholders in the ‘20s, the decade of battery metals.
On behalf of the Company,
John Wisbey
Chairman and CEO
www.internationallithium.com
For further information concerning this news release please contact John Wisbey at +1 604-
449-6520
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined
in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Cautionary Statement Regarding Forward-Looking Information
Except for statements of historical fact, this news release contains certain “forward -looking
information” within the meaning of applicable securities law. Forward -looking information or
forward-looking statements in this or other news releases may include: the effect of results of the
preliminary economic assessment of the Mariana Joint Venture Project, timing of publication of
the PEA technical report, anticipated production rates, the timing and /or anticipated results of
drilling on the Raleigh Lake or Mavis Lake projects, the expectation of feasibility studies, lithium
recoveries, modeling of capital and operating costs, results of studies utilizing membrane
technology at the Mariana Project, budgeted expenditures and planned exploration work on the
Avalonia J oint Venture, satisfactory completion of the sale of mineral rights at Forgan Lake ,
satisfactory completion of the purchase of additional mineral rights at Raleigh Lake , increased
value of shareholder investments, and continued agreement between the Company and Jiangxi
Ganfeng Lithium Co. Ltd. regarding the Company’s percentage interest in the Mariana project.
Such forward-looking information is based on a number of assumptions and subject to a variety
of risks and uncertainties, including but not limited to those discussed in the sections entitled
“Risks” and “Forward-Looking Statements” in the interim and annual Management’s Discussion
and Analysis which are available at www.sedar.com. While management believes that the
assumptions made are reasonable, there can be no assurance that forward -looking statements
will prove to be accurate . Should one or more of the risks, uncertainties or other factors
materialize, or should underlying assumptions prove incorrect, actual results may vary materially
from those described in forward-looking information. Forward-looking information herein, and all
subsequent written and oral forward -looking information are based on expectations, estimates
and opinions of management on the dates they are made that, while considered reasonable by
the Company as of the time of such statements, are subject to significant business, economic and
competitive uncertainties and contingencies. These estimates and assumptions may prove to be
incorrect and are expressly qualified in th eir entirety by this cautionary statement. Except as
required by law, the Company assumes no obligation to update forward -looking information
should circumstances or management’s estimates or opinions change.
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