International Lithium Closes $530,000 Second Tranche of Private Placement Bringing Total to $1.73 Million
NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED STATES
NEWS RELEASE
International Lithium Closes $530,000 Second Tranche of
Private Placement Bringing Total to $1.73 Million
Vancouver, B.C. April 2, 2019 : International Lithium Corp. (the “ Company” or “ ILC”) (TSX
VENTURE: ILC) is pleased to announce that it has closed the second tranche of its non -
brokered private placement (the “ Private Placement”) of units for proceeds of CAD $531,240.
On closing, the Company issued 10,624,820 Units.
The securities were issued pursuant to a private placement of up to 50,000,000 units (each a
“Unit”) at a price of $0.05 per Unit to raise gross proceeds up to CAD $2,500,000. This brings
the total funds raised pursuant to th is private placement to CAD $1,731,240, or 34, 624,800
Units. Each Unit consists of one common share of the Company and one -half of a transferable
common share purchase warrant (each whole warrant, a “ Warrant”). Each Warrant is
exercisable into one common share in the capital of the Company at an exercise price of $0. 10
per share for two years from issue.
Three non-arms’ length part ies participated in th is tranche of the private placement: CEO and
director John Wisbey, CFO and director Maurice Brooks, and COO and director Anthony
Kovacs.
The proceeds of the private placement will be used for exploration on the Company’s Raleigh
and Mariana projects and for general working capital purposes. All private placement securities
will be restricted from trading for a period of four months plus one day from the date of closing.
Private Placement Closing Extension
The Company announces that the final closing of the Private Placement of Units announced on
December 11, 2018 has been extended to April 15, 2019. All other terms and conditions of
closing are unchanged.
Convertible Debenture Amendments
The Company announces that , further to its news release of March 22, 2019, holders of
Convertible Debentures in the aggregate principal amount of CAD $2,342,000 have elected to
amend their Convertible Debentures such that the maturity date is extended by one year until
June 30, 202 0 and the conversion price is reduced from $0.085 per common share to $0.065
per common share. All other terms and conditions of closing are unchanged.
1030 West Georgia Street, Suite 1910
Vancouver, British Columbia
V6E 3V7, Canada
T:+1 604-449-6520
www.internationallithium.com
2
Position Following Closing and Convertible Debenture Amendments
On closing of this tranche of the private placement, the Company has the following outstanding
securities:
Common Shares 129,620,724
Convertible Debentures –
GBP 240,000 maturing 2019 at $0.07
5,862,857
Convertible Debentures –
CAD $280,000 maturing 2019 at $0.085
3,294,118
Convertible Debentures –
CAD $2,342,000 maturing 2020 at $0.065
36,030,769
Warrants at average exercise price of $0.10 18,437,400
Stock Options at average exercise price of $0.09 9,085,000
Commenting on financing activities, John Wisbey, Chairman and CEO said , “We remain in a
difficult market for financing by all junior mining companies, so we are very grateful to all those
who have invested in equity at this time , or who have chosen to extend the maturity dates of
their conv ertible debentures. Their support means that we can focus on applying further
financing to our Raleigh Lake project in Ontario, Canada, which we regard as a potentially
exciting opportunity for our shareholders.
“Since I became CEO just over a year ago, we have now raised CAD $1.73 million of equity and
a further CAD $ 3.1 million equivalent in convertible debenture financing. This is considerably
more than the amount raised by the Company in any previous year, despite the difficult market.
We do see some signs of an improvement in the market this year, and in our case we hope that
if drilling at Raleigh Lake proves successful, it could be transformational for the Company.”
The issuance of priv ate placement securities to non-arms’ length part ies constitutes related-
party transactions 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 TSX
Venture Exchange, 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 pursuant to Section 5.7(b). The
Company did not file a material change r eport 21 days prior to the closing of the private
placement as the details of the participation of insiders of the Company had not been confirmed
at that time.
About International Lithium Corp.
International Lithium Corp. has a significant portfolio of projects, strong management, and a
strategic partner and key investor, Jiangxi Ganfeng Lithium Co. Ltd., (“ Ganfeng Lithium ”) a
leading China-based lithium product manufacturer.
The Company’s primary strategic focus is now on the Mariana project in Argentina and on the
Raleigh Lake project in Canada.
3
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, tota lling 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,
presently owned 82.754% by Ganfeng Lithium and 17.246% by ILC . In addition, ILC has an
option to acquire 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 now 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 Fo rgan Lake project will, upon Ultra Lithium meeting its contractual requirements
pursuant to its agreement with ILC, become 100% owned by Ultra Lithium (TSXV: ULI), and
ILC will retain a 1.5% NSR on Forgan Lake.
The ownership of the Avalonia project is cur rently 55% Ganfeng Lithum 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 Lithum 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 is a key part of a “g reen tech”, sustainable economy. By positioning itself with solid
strategic partners and projects with significant resource potential, ILC aims to be one of the
lithium and battery metals resource developers of choice for investors and to continue to
build value for its shareholders.
International Lithium Corp.’s mission is to find, explore and develop projects that have the
potential to become world class lithium, potash and rare metal deposits. A key goal is to
become a well funded company to turn that aspiration into reality.
On behalf of the Company,
John Wisbey
Chairman and CEO
www.internationallithium.com
4
For further information concerning this news release please contact +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 o n 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 tha t 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 da tes 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 a nd are expressly qualified in their 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.