06:16:15 EDT Tue 19 Mar 2024
Enter Symbol
or Name
USA
CA



International Lithium Corp
Symbol ILC
Shares Issued 90,003,046
Close 2017-10-10 C$ 0.135
Market Cap C$ 12,150,411
Recent Sedar Documents

Int'l Lithium arranges $700,000 private placement

2017-10-10 19:33 ET - News Release

Mr. Kirill Klip reports

INTERNATIONAL LITHIUM ANNOUNCES PRIVATE PLACEMENT OF CONVERTIBLE SECURITIES

International Lithium Corp. will conduct a private placement of convertible securities having a face value of up to $700,000 from a non-arm's-length party, being a significant shareholder of the company, TNR Gold Corp. The convertible securities bear interest at the rate of 15 per cent per annum, payable Jan. 31, and have a maturity date of Jan. 31, 2019. The lender may convert at any time all or a portion of the principal into common shares of the company at a price of 14 cents per common share. The company has the right to repay the convertible loan at any time on the last business day of the month on 10 days notice.

The postconversion ownership in International Lithium by TNR Gold, given the current number of outstanding shares of International Lithium, will be 13.6 per cent.

The private placement is subject to the approval of the TSX Venture Exchange.

The proceeds of the private placement will be used for general working capital purposes. All private placement securities will be restricted from trading for a period of four months from closing.

The proposed issuance of private placement securities to a non-arm's-length party also constitutes a related-party transaction under Multilateral Instrument 61-101. Because the company's shares trade only on the TSX Venture Exchange, the issuance of securities is exempt from the formal valuation requirements of Section 5.4 of MI 61-101, pursuant to Subsection 5.5(b) of MI 61-101, and exempt from the minority approval requirements of Section 5.6 of MI 61-101.

We seek Safe Harbor.

© 2024 Canjex Publishing Ltd. All rights reserved.