The TSX Venture Exchange has accepted for filing a property option agreement between International Lithium Corp. and GFL International Co. Ltd., dated Sept. 14, 2012, whereby the company has granted to GFL an option to acquire between 51-per-cent and a 100-per-cent interest in the Blackstairs property, Ireland.

To earn a 51-per-cent interest in the property, GFL must incur $300,000 in expenditures within 18 months of the effective date, and pay the company $25,000 on the effective date and an additional $475,000 within one year from the effective date.

To earn an additional 24-per-cent interest in the property, GFL must incur $10-million in expenditures on the property or produce a positive feasibility study on the property no later than 10 years from the effective date.

The company has also granted GFL an additional option to buy 100-per-cent interest in the property, which shall be valid for six months after the effective date in consideration of GFL paying the company $2-million and granting the company a 2-per-cent net smelter returns royalty on the property. In order to exercise the additional option, GFL must pay 20 per cent of the additional option payment, being $400,000 no later than six months from the effective date and the remaining 80 per cent of the additional option payment, being $1.6-million, on the day the company's 100-per-cent interest in the property has been transferred to GFL or a nominee of GFL.

The transaction is non-arm's-length.

Further details can be found in the company's news release, Oct. 2, 2012.