International Lithium Closes Final Tranche of Private Placement of $1,000,000 Convertible Securities
International Lithium Closes Final Tranche of Private Placement of
$1,000,000 Convertible Securities
Vancouver, B.C. August 10, 2017: International Lithium Corp. (the “ Company” or
“ILC”) (TSX VENTURE: ILC) is pleased to announce that it has closed the final tranche
of its previously announced $ 1,000,000 non-brokered private placement (the “Private
Placement”) of convertible securities, for proceeds of $ 475,000. The securities were
issued pursuant to a convertible loan bearing interest at the rate of 15% per annum,
payable quarterly , with a maturity date of one year from the date of advance. The
lenders may convert at any time, all or a portion of the convertible loan principal into
common shares of the Company at a price of $0.14 per common share.
The Company has the right to repay the convertible loan s, at any time after three
months from the date of advance. The Issuer agrees to use its best endeavours to raise
equity funds to repay the convertible loan s in whole or in part. If the Issuer raises
insufficient equity funds to repay all of the convertible loans, then the Issuer may repay
them on a pro rata basis to each registered holder.
The proceeds of the private placement will be used for general working capital
purposes. All private placement securities will be restricted from trading for a period of
four months and one day from closing. The convertible loan s will be secur ed by a
general security agreement against the Company’s assets.
Three insiders of the Company participated in this tranche of the private placement and
subscribed for a face value of $ 475,000 in convertible securities. Participation by the
three insiders constitutes a related party transaction as defined under Multilateral
Instrument 61-101 - Protection of Minority Security Holders in Special Transactions. 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.
On behalf of the Board of Directors,
Kirill Klip
Executive Chairman
For further information concerning this news release please contact +1 604-700-8912
1111 Melville Street, Suite 1100
Vancouver, British Columbia
V6E 3V6, Canada
T: 604-700-8912
www.internationallithium.com
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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 is frequently characterized by words such as “plan”, “expect”, “project”,
“intend”, “believe”, “anticipate”, “estimate”, “will”, “could” and other similar words, or
statements that certain events or conditions “may” or “could” occur. Such forward -
looking information is based on a number of assumpt ions and subject to a variety of
risks and uncertainties, including but not limited to those discussed in the sections
entitled “Forward -Looking Statements” in the interim and annual Management’s
Discussion and Analysis which are available at www.sedar.com. While our management
believes that the assumptions made are reasonable, 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 estimates and opinions of management on the
dates they are made 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.