International Lithium Closes Final Tranche of $1,880,000 Private Placement
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NEWS RELEASE
International Lithium Closes Final Tranche of $1,880,000
Private Placement
Vancouver, B.C. April 1 7, 2019 : International Lithium Corp. (the “ Company” or “ ILC”) (TSX
VENTURE: ILC) is pleased to announce that it has closed the final tranche of its non -brokered
private placement (the “Private Placement”) of Units for proceeds of $148,759 On Closing, the
Company issued 2,975,178 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. The total funds
raised pursuant to this private placement is $1,880,000, or 37,600,000 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 director, Ross Thompson.
The proceeds of the private placement will be used for exploration and 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.
Position Following Closing
On closing of this private placement, the Company has the following outstanding securities
outstanding:
Common shares 132,595,902
Convertible Debentures -
GBP 240,000 at $0.07, maturing 2019 5,862,857
CAD $280,000 at $0.085, maturing 2019 3,294,118
CAD $2,342,000 at $0.065, maturing 2020 36,030,769
Warrants at average exercise price of $0.10 18,800,000
Stock Options at average exercise price of $0.09 9,085,000
1030 West Georgia Street, Suite 1910
Vancouver, British Columbia
V6E 3V7, Canada
T:+1 604-449-6520
www.internationallithium.com
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Commenting on financing activities, John Wisbey, Chairman and CEO said, “We finally see some
signs of an improvement in what has been a very difficult market for most if not all junior mining
companies, with a recovery in several companies’ share prices including our own. We are very
grateful to all those who have invested a total of CAD $1.88 million in the most recent financing,
which was very important for us.”
“Since I became CEO just over a year ago, we have now raised CAD $1.88 millio n of equity and
a further CAD $3.1 million equivalent in convertible debenture financing. This total of about CAD
$5 million is considerably more than the amount raised by the Company in any previous year,
despite the difficult market. We need to keep the momentum up, and so we are immediately
moving on to our next private placement of up to CAD $1.0 million, which will complete our
financing requirements for the first half of 2019. In our ca se, we hope that if drilling at Raleigh
Lake proves successful, it could be transformational for the Company and justify the confidence
by our investors.”
The issuance of private placement securities to non-arms’ length parties 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 report 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.
New Private Placement at $0.06 Per Unit
The Company also announces that it will conduct a private placement of up to 16,666,667 units
(each a “Unit”) at a price of $0.06 per Unit for gross proceeds up to CAD $1,000,000, which may
include directors of the Company. Each Unit will consist of one common share of the Company
and one -half of a transferable common share purchase warrant (each whole warrant, a
“Warrant”). Each Warrant will be exercisable into one common share in the capital of the
Company at an exercise price of $0.09 per share, until June 30, 2021. 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.
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. 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 prima ry strategic focus is now on the Raleigh Lake project in Canada and the
Mariana project in Argentina.
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The Raleigh Lake project, 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.
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, which
will shortly be owned 84.608% by Ganfeng Lithium and 15.392% by ILC. In addition, ILC has an
option to acquire 10% in the Mariana project through a back-in right.
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 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/Georgia 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 stud y 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 desig nated “the new oil”, and
is a key part of a “green 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, and rare metal deposits. A key goal is to beco me a well
funded company to turn that aspiration into reality.
On behalf of the Company,
John Wisbey
Chairman and CEO
www.internationallithium.com
For further information concerning this news release please contact +1 604-449-6520
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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 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.