Mr. John Wisbey reports

INTERNATIONAL LITHIUM CLOSES $530,000 SECOND TRANCHE OF PRIVATE PLACEMENT BRINGING TOTAL TO $1.73 MILLION

International Lithium Corp. has closed the second tranche of its non-brokered private placement of units for proceeds of $531,240. On closing, the company issued 10,624,820 units.

The securities were issued pursuant to a private placement of up to 50 million units at a price of five cents per unit to raise gross proceeds up to $2.5-million. This brings the total funds raised pursuant to this private placement to $1,731,240, or 34,624,800 units. Each unit consists of one common share of the company and one-half of a transferable common share purchase warrant. Each warrant is exercisable into one common share in the capital of the company at an exercise price of 10 cents per share for two years from issue.

Three non-arm's-length parties participated in this tranche of the private placement: chief executive officer and director John Wisbey, chief financial officer and director Maurice Brooks, and chief operating officer and director Anthony Kovacs.

The proceeds of the private placement will be used for exploration on the company's Raleigh and Mariana projects and 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.

Private placement closing extension

The company's final closing of the private placement of units announced on Dec. 11, 2018, has been extended to April 15, 2019. All other terms and conditions of closing are unchanged.

Convertible debenture amendments

Further to the company's news release of March 22, 2019, holders of convertible debentures in the aggregate principal amount of $2,342,000 have elected to amend their convertible debentures such that the maturity date is extended by one year until June 30, 2020, and the conversion price is reduced from 8.5 cents per common share to 6.5 cents per common share. All other terms and conditions of closing are unchanged.

Position following closing and convertible debenture amendments

On closing of this tranche of the private placement, the company has the following outstanding securities:

Common shares                                                                129,620,724
Convertible debentures                                                         5,862,857
240,000 British pounds maturing 2019 at seven cents
Convertible debentures                                                         3,294,118
$280,000 maturing 2019 at 8.5 cents
Convertible debentures                                                        36,030,769
$2,342,000 maturing 2020 at 6.5 cents
Warrants at average exercise price of 10 cents                                18,437,400
Stock options at average exercise price of nine cents                          9,085,000

Commenting on financing activities, Mr. Wisbey, chairman and CEO, said: "We remain in a difficult market for financing by all junior mining companies, so we are very grateful to all those who have invested in equity at this time, or who have chosen to extend the maturity dates of their convertible debentures. Their support means that we can focus on applying further financing to our Raleigh Lake project in Ontario, Canada, which we regard as a potentially exciting opportunity for our shareholders.

"Since I became CEO just over a year ago, we have now raised $1.73-million of equity and a further $3.1-million equivalent in convertible debenture financing. This is considerably more than the amount raised by the company in any previous year, despite the difficult market. We do see some signs of an improvement in the market this year, and in our case we hope that if drilling at Raleigh Lake proves successful, it could be transformational for the company."

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 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, and a strategic partner and key investor, Jiangxi Ganfeng Lithium Co. Ltd., a leading China-based lithium product manufacturer.

The company's primary strategic focus is now on the Mariana project in Argentina and on the Raleigh Lake project in Canada.

We seek Safe Harbor.