International Lithium Provides Update on Financial Statements
NEWS RELEASE
International Lithium Provides Update on Financial Statements
Vancouver, B.C. April 29, 2019 : International Lithium Corp. (the “ Company” or “ ILC”) (TSX
VENTURE: ILC) announces that due to delays resulting from the Covid -19 pandemic, the
Company will be postponing the filing of its annual consolidated financial statements and
accompanying management's discussion and analysis, and related CEO and CFO certificates for
the financial year ended December 31, 2019 (collectively, the "Annual Filings"), which are
required to be filed by April 29, 2020 under National Instrument 51 -102 - Continuous Disclosure
Obligations (“NI 51-102”).
On March 18, 2020, the Canadian Securities Administrators (“CSA”) announced that they would
provide coordinated relief consisting of a 45 -day extension for certain periodic filings required to
be made on or prior to June 1, 2020, to allow issuers the time needed to focus on the many other
business and financial reporting implications of the COVID-19 pandemic. Accordingly, the British
Columbia Securities Commission (“BCSC”) has enacted BC Instrument 51 -515 - Temporary
Exemption from Certain Corporate Finance Requirements (“BCI 51-515”).
The Company will be relying on the temporary exemption pursuant to B CI 51-515 in respect to
the following provisions:
• the requirement to file audited financial statements for the year ended December 31, 2019
(the “Financial Statements“) within 120 days of the Company’s financial year end as
required by section 4.2(b) of National Instrument 51 -102 – Continuous Disclosure
Obligations (“NI 51-102“);
• the requirement to file management’s discussion and analysis (the “MD&A“) for the period
covered by the Financial Statements within 120 days of the Company’s financial year end
as required by section 5.1(2) of NI 51-102; and
• the requirement to file certifications of the Financial Statements pursuant to section 4.1 of
National Instrument 52 -109 - Certification of Disclosure in Issuers’ Annual and Interim
Filings and Section 4.2(b) of NI 51-102 (filing deadline for annual financial statements).
The Company continues to work diligently and expeditiously with its auditors to file the Annual
Filings on or before May 6, 2020. Until completion of the Annual Filings, members of the
Company’s management and other insiders are subject to a trading black-out policy as described,
in principle, in section 9 of National Policy 11 -207 - Failure to -File Cease Trade Orders and
Revocations in Multiple Jurisdictions.
The Company confirms that since the filing of its interim consolidated financial statements for the
1030 West Georgia Street, Suite 1910
Vancouver, British Columbia
V6E 3V7, Canada
T:+1 604-449-6520
www.internationallithium.com
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period ended September 30, 2019, there have been no material business developments other
than those publicly disclosed through news releases.
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 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 metal deposits. In addition, we have seen the
clear and growing wish by the USA and Canada to safeguard th eir supplies of critical battery
metals, and our Canadian properties are strategic in that respect.
A key goal in the new decade is 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 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
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 region. Current ownership of the project is through a joint
venture company, Litio Minera Argentina S. A., a private company re gistered in Argentina, now
owned 86.297% by Ganfeng Lithium and 13.703% by ILC (percentages are estimates and subject
to audit). 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 management 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.
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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 portable electronics, lithium has been designated “the new oil”, and
is a key part of a “green tech” sustainable economy. By positionin g 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 +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 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 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 tha t 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
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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 da tes 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 a nd 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.