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Enter Symbol
or Name
USA
CA



International Lithium Corp
Symbol ILC
Shares Issued 92,345,902
Close 2018-01-25 C$ 0.185
Market Cap C$ 17,083,992
Recent Sedar Documents

International Lithium closes first tranche of financing

2018-01-25 18:11 ET - News Release

Mr. Kirill Klip reports

INTERNATIONAL LITHIUM CLOSES $450,000 FIRST TRANCHE OF PRIVATE PLACEMENT

International Lithium Corp. has closed the first tranche of the previously announced non-brokered private placement of units to raise proceeds of $450,000. Three non-arm's-length parties participated in the private placement for total investments of $300,000: significant shareholder of the company, TNR Gold Corp.; executive chairman, Kirill Klip; and deputy chairman, John Wisbey.

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 plus one day from the date of closing.

The issuance of private placement securities to non-arm's-length parties constitutes related-party transactions under Multilateral Instrument 61-101, Protection of Minority Security Holders in Special Transactions. 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 pursuant to Section 5.7(b). The postclosing ownership in International Lithium by TNR, before conversion of the debenture, is 9,252,390 shares, equivalent to approximately 10.1 per cent of the outstanding common shares of the company. Should the convertible debenture held by TNR be exercised, its holdings would be 14,252,390 shares, equivalent to approximately 14.8 per cent of the issued common shares. The company did not file a material change report 21 days prior to the closing of the private placement as the details of the participation of insiders of the company had not been confirmed at that time.

About International Lithium Corp.

International Lithium has a significant portfolio of projects, strong management, robust financial support, and a strategic partner and keystone investor, Jiangxi 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 region. Current ownership of the project is through a joint venture company, Litio Minera Argentina S.A., a private company registered in Argentina, ownership of which will be revised to 82.754 per cent by Ganfeng Lithium and 17.246 per cent by International Lithium in early 2018 in order to reflect each party's current joint venture interest.

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