International Lithium Closes 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 Closes Private Placement
of Convertible Debentures
Vancouver, B.C. January 30, 2020: International Lithium Corp. (the “Company” or “ILC”) (TSX
VENTURE: ILC; www.internationallithium.com) is pleased to announce the close of the
CAD$1,027,500 non-brokered private placement (the “ Private Placement ”) of secured
convertible debentures (the “Debentures”) announced on November 29, 2019 and January 24,
2020. 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 D ebentures into common shares of the
Company at a price of CAD$0.05 per common share.
The Company also announces that it has closed the non-brokered private placement (the “GBP
Private Placement” ) of secured Debentures in the principal amount of GBP 2 54,000 (CAD
$445,000) 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 intends to use the proceeds for exploration of its Raleigh Lake project in Ontario,
and for general working capital.
All directors of the Company participate d in these private placements, including John Wisbey ,
who subscribed for Debentures of CAD$572,500 and GBP 254,000 . The proposed issuance of
private placement securities to non -arms’ length parties 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 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.
The Company takes this opportunity to provide the below update on the security holdings of the
directors and other insiders following the closings of these private placements . This information
can also be found on SEDI at www.sedi.ca.
1030 West Georgia Street, Suite 1910
Vancouver, British Columbia
V6E 2Y3, Canada
T: +1-604-449-6520
www.internationallithium.com
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Name of Security
Holder
(Direct and
Indirect)
Common Shares Convertible Debentures Principal
Total Common Shares
and Shares Issuable on
Conversion of
Debentures
Number % of
Total CAD GBP
Additional
Common
Shares
Issuable on
Conversion
of
Debentures
Number % of
Total
John Wisbey 26,519,178 19.999 2,397,672 254,000 48,216,372 74,735,550 37.69
Maurice Brooks 800,000 0.60 100,000 0 1,861,538 2,661,538 1.34
Anthony Kovacs 438,699 0.33 75,000 0 1,476,923 1,915,622 0.97
Ross Thompson 2,254,700 1.70 75,332 0 1,262,800 3,517,500 1.77
Nicholas Davies 0 0.00 22,500 0 450,000 450,000 0.23
Total - Directors 30,012,577 22.63 2,670,504 254,000 53,267,633 83,280,210 42.00
Private Investor 26,488,836 19.98 0 0 0 26,488,836 13.36
GFL International
Co. Ltd. (Ganfeng) 15,431,326 11.64 0 0 0 15,431,326 7.78
Non-Insiders 60,663,164 45.75 727,878 0 73,107,442 36.86
Total 132,595,903 100.00 3,398,382 254,000 65,711,911 198,307,814 100.00
About International Lithium Corp.
International Lithium Corp. believes that the ‘20s will be the decade of battery metals, a t 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 Canada, Argentina and Ireland as well as finding, exploring and
developing projects that have the potential to become world class lithium and rare m etal
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 i n the new decade i s 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 Pioneer 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
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renowned South American “Lithium Belt” that is the host to the vast majori ty 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, now
owned 8 6.297% by Ganfeng Lith ium and 1 3.703% by ILC. 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 managemen t 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 portabl e 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 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
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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 uncertai nties, 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 e xpressly 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.