International Lithium Corp. Reports Results of 2021 Annual General Meeting
International Lithium Corp. Reports Results of
2021 Annual General Meeting
Vancouver, British Columbia--(Newsfile Corp. - December 30, 2021) - International Lithium
Corp.
(TSXV: ILC) (the "
Company
" or "
ILC
") is pleased to announce that all resolutions proposed at
the Company's annual general and special meeting of shareholders held on December 29, 2021 were
passed. All agenda items outlined in the information circular for the meeting were approved and all
director nominees were elected, with over 99% of votes cast in favour of all the motions. The directors
elected for the ensuing year were: John Wisbey, Maurice Brooks, Nicholas Davies, Anthony Kovacs and
Ross Thompson.
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 considers that ILC is
already well placed in that respect with a strong net cash position. 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 in
Canada and on identifying additional properties.
The Raleigh Lake project now consists of over 47,000 hectares (470 square kilometres) of adjoining
mineral claims in Ontario, and is ILC's most significant project in Canada. The exploration results there
so far, which are on only about 5% of ILC's current claims, have 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.
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/108665