International Lithium Closes Final Tranche of Oversubscribed Private Placement
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DISSEMINATION IN THE UNITED STATES
NEWS RELEASE
International Lithium Closes Final Tranche of Oversubscribed Private Placement
Vancouver, B.C. August 25, 2021 International Lithium Corp. (the “Company” or “ILC”) (TSX
Venture: ILC.V) is pleased to announce that it has closed the second and final tranche of its
oversubscribed non-brokered private placement (the “Private Placement ”) of units (“Units”)
announced on July 15, 2021. On closing, the Company issued 7,706,669 Units at CAD $0.06 per
Unit for proceeds of CAD $462,400. Each Unit is comprised of one common share and one-half
of one share purchase warrant (each whole warrant, a " Warrant"). Each Warrant entitles the
holder to acquire one additional common share at an exercise price of CAD $0.08 per common
share until June 30, 2024. Following the closing, the Company has 210,830,443 issued and
outstanding common shares.
The proceeds of the Private Placement will be used for exploration on the Company's Raleigh
Lake Project and for general corporate and administrative costs.
Closing of the Private Placement is subject to final acceptance by the TSX Venture Exchange. All
Private Placement securities will be restricted from trading for a period of four months plus one
day from the date of closing. No finder's fees were paid on this tranche of the transaction.
John Wisbey, Chairman and CEO of International Lithium Corp., commented as follows:
“This placement, which we have now closed at slightly over CAD $1,000,000, allows us to make
significant headway with our plans at Raleigh Lake where we have now expanded the area of our
claims to 170 square kilometres. Our drilling earlier this year in Zone 1 of the claims (around 5%
of our new total claims) found interesting levels of lithium oxide in the areas we drilled, and
commercially very interesting quantities of rubidium oxide. We will be progressing with additional
drilling, leading to the publishing of some initial minimum estimates of the size of resource, and
also conducting an airborne geophysical survey on our new claims."
Certain insiders participated in this tranche of the Private Placement. 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.
725 Granville Street, Suite 400
Vancouver, British Columbia
V7Y 1G5, Canada
T: +1-604-449-6520
www.internationallithium.com
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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 significant 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 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
battery metals, and our Canadian properties are strategic in that respect.
A key goal 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 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 Essential Metals Limited, quoted on the Australian Stock
exchange (ASX:ESS).
The Company’s primary strategic focus is now on the Raleigh Lake lithium and rubidium project
in Canada and on the Company’s strategic options on the Mariana project in Argentina.
The Raleigh Lake project now consists of over 17,000 hectares (170 square kilometres) of
adjoining mineral claims in Ontario and is regarded by ILC management as ILC’s most significant
project in Canada. The exploration there so far, which is on only about 5% of ILC’s current claims,
contain significant quantities of rubidium and caesium in the pegmatite as well as lithium. Raleigh
Lake is 100% owned by ILC, is not subject to any encumbrances, and is royalty free.
The Mariana lithium-potash brine project, which is the subject of this news release, is 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.
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% Essential Metals Limited (ASX: ESS, “ESS””)
and 49% ILC. In addition, ILC owns a 1.5% NSR on Mavis Lake. ESS 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% ESS 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.
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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 “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
rare 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 +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 or other releases contain 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 feasibility study of the Mariana
Joint Venture Project, timing of publication of the technical reports, possible sale of the Company’s interest in the
Project, anticipated production rates, the timing and/or anticipated results of drilling on the Raleigh Lake or Mavis
Lake projects, the expectation of resource estimates, preliminary economic assessments, feasibility studies,
lithium or rubidium or caesium recoveries, modeling of capital and operating costs, results of studies utilizing
various technologies at the company’s projects, budgeted expenditures and planned exploration work on the
Avalonia Joint Venture, satisfactory completion of the sale of mineral rights at Forgan Lake, increased value of
shareholder investments, and continued agreement between the Company and Ganfeng Lithium Co. Ltd.
regarding the Company’s percentage interest in the Mariana project and assumptions about ethical behaviour by
our joint venture partners where we have them. 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, legislative, 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.