International Lithium Corp. appoints Corporate Secretary and Grants Stock Options
NEWS RELEASE
International Lithium Corp. appoints Corporate Secretary and
Grants Stock Options
Vancouver, November 4, 2021. International Lithium Corp. (the “Company” or “ILC”, TSX
Venture: ILC) announces that pursuant to the Company’s stock option plan and the policies of
the TSX Venture Exchange, it has granted 6,955,000 stock options (the “Options“) to directors
and officers of the Company. The Options are exercisable at $0.12 per common share until
November 4, 2026. The Options vest one year from the date of grant. This brings the number of
outstanding options to 16,680,000, representing a total of 7.09% of the Company’s outstanding
shares.
Appointment of Corporate Secretary
At the same time the board is pleased to announce that Muhammad Memon has been
appointed Corporate Secretary of the Company. Muhammad is a member of the Chartered
Professional Accountants of Canada and a fellow of the Association of Chartered Certified
Accountants, United Kingdom. He has over 10 years of experience in managing finance and
compliance functions of public companies in various sectors including mining, investment
management, real estate, and technology.
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 this decade
is to make money for our shareholders from lithium and rare metals while at the same time
helping to create a greener, cleaner planet. This includes optimizing the value of our existing
projects in Canada 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 Raleigh Lake property is strategic in that respect.
A key goal has been to become a well funded company to turn our aspirations into reality, and
following the disposal of the Mariana project in Argentina in 2021, the Board of the Company
believe that ILC is already well placed in that respect. The disposal of Mavis Lake, assuming
the option is exercised as planned, will add useful further liquidity.
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
725 Granville Street, Suite 400
Vancouver, British Columbia
V7Y 1G5, Canada
T: +1-604-449-6520
www.internationallithium.com
in Canada and on identifying additional properties.
The Raleigh Lake project now consists of over 27,000 hectares (270 square kilometres) of
adjoining mineral claims in Ontario, and is regarded by ILC management as ILC’s most
significant project in Canada. The exploration results there so far, which are on only about 5%
of ILC’s current claims, has shown 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.
Complementing the Company’s 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 currently 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. Mavis Lake is now under
option until January 2022 to Critical Resources Ltd. (ASX:CRR) to buy 100% at which point
ILC’s NSR would also be surrendered. If exercised, that option will bring the Company
approximately CAD$1.4m of cash and shares in CRR, with upto a further CAD$1.4m if certain
resource targets are achieved by CRR. If CRR were to complete its purchase but then sell or
joint venture the Mavis Lake claims in future, this further payment obligation would pass to any
future owner of the claims. ILC and ESS would have a right of first refusal to buy the claims
back if CRR had not achieved and made additional payment for the first additional payment
milestone.
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 by September 2024 or delivering a positive feasibility
study on the project, at which time the ownership will be 79% Ganfeng Lithium and 21% ILC. In
the event that ILC does not contribute to the project after that, and its share consequently falls
below 10% of the project, its share will be substituted by a 1% NSR.
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 projects with
significant resource potential and with solid strategic partners, 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 anticipated production rates, the timing and/or anticipated results of drilling on the
Raleigh Lake or Avalonia 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 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.