International Lithium Increases Size of Private Placement of Convertible Securities
International Lithium Increases Size of Private Placement of
Convertible Securities
Vancouver, B.C. April 12, 2017: International Lithium Corp. (the “ Company” or “ILC”)
(TSX VENTURE: ILC) is pleased to announce that due to damand, it has increased its
previously announced non-brokered private placement (the “ Private Placement ”) of
convertible securities up to a face value of $750,000. The sec urities will be 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, at any time after three months from the date of advance.
The proceeds of the private placement will be used for ge neral 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 will be secured by a
general security agreement against the Company’s assets.
The Company has already closed a first tranche of the Private Placement for proceeds
of $100,000, and expects to close further tranches later this month.
About International Lithium Corp.
International Lithium Corp. has a significant portfolio of projects, strong management,
robust financial support, and a strategic partner and keystone investor, Ganfeng Lithium
Co. Ltd., a leading China-based lithium product manufacturer.
The Company’s primary focus is the strategic stake in the Mariana lithium -potash brine
project 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 re gion.
Current ownership of the project is through a joint venture company, Litio Minera
Argentina S. A., a private company registered in Argentina, owned 80% by Ganfeng
Lithium Co. Ltd. (“GFL”), and 20% by ILC. In addition, ILC has an option to acquire 10%
in the Mariana project through a back-in right.
1111 Melville Street, Suite 1100
Vancouver, British Columbia
V6E 3V6, Canada
T: 604-700-8912
www.internationallithium.com
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Complementing the Company’s lithium brine project are three rare metals pegmatite
properties in Canada known as the Mavis, Raleigh, and Forgan projects, and the
Avalonia project in Ireland, which encompasses an extensive 50km-long pegmatite belt.
The Avalonia project is under option to strategic partner GFL, that currently owns 55%
of the project. The Mavis and Raleigh projects are under option to strategic partner
Pioneer Resources Limited (ASX:PIO) pursua nt to which Pioneer can acquire up to a
51% interest in the projects.
The Mavis, Raleigh and Forgan projects together form the basis of the Company’s
newly created Upper Canada Lithium Pool designated to focus on acquiring numerous
prospects with previous ly reported high concentrations of lithium in close proximity to
existing infrastructure.
With the increasing demand for high tech rechargeable batteries used in vehicle
propulsion technologies and portable electronics, lithium is paramount to tomorrow’s
“green-tech”, sustainable economy. By positioning itself with solid strategic partners and
acquiring high quality assets for the Energy Revolution supply chain, ILC aims to be the
partner of choice for investors in green -tech and to continue to build value for its
shareholders.
On behalf of the Board of Directors,
Kirill Klip
Executive Chairman
For further information concerning this news release please contact +1 604-700-8912
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 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 assumptions 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
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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.