TNR GOLD CORP SETS MEETING DATE FOR APPROVAL OF SPIN OUT OF INTERNATIONAL LITHIUM CORP. AND RECORD DATE

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[{"type":"text","content":"\nTNR GOLD CORP SETS MEETING DATE FOR APPROVAL OF SPIN OUT OF INTERNATIONAL LITHIUM CORP. AND RECORD DATE\n\n\n Apr. 12, 2010 (TheNewswire.ca) -- Vancouver B.C.: TNR Gold Corp. (TSXV:TNR) (\"TNR\" or the \"Company\") is pleased to announce that it has established June 8, 2010, as the meeting date for shareholder approval of the previously announced (April 27, 2009) spin-out of TNR's lithium and rare metals assets into its wholly-owned subsidiary, International Lithium Corp. (\"ILC\") under a court approved plan of arrangement. TNR shareholders of record on the date of the spinout, planned for late June or early July, will receive one share and one fully tradeable warrant of International Lithium Corp. for every 4 shares of TNR.Key terms of the proposed spin-out are:-TNR will transfer its lithium properties, with the exception of the Mariana property in Argentina, to ILC, in exchange for 10,000,000 common shares and 10,000,000 warrants of ILC. The warrants will be fully tradeable and exercisable at a price equal to a 50% premium to ILC's listing price for a period of two years.-TNR shareholders will receive 0.25 of an ILC share and 0.25 warrants of ILC for every TNR share held. The warrants will be fully tradeable and exercisable at a price equal to a 50% premium to ILC's listing price for a period of two years.-TNR shareholders will continue to hold their TNR shares after the transaction is completed.-TNR warrant holders will receive 0.25 of an ILC warrant for every TNR warrant held. The warrants will be fully tradeable and exercisable at a price equal to a 50% premium to ILC's listing price for a period of two years.-ILC will complete a private placement of 10,000,000 units of ILC, at a price of $0.25 per Unit, with each Unit comprising of one ILC common share and one fully tradeable ILC warrant. Each warrant shall entitle the holder to acquire one further ILC common share at a price equal to a 50% premium of ILC's listing price for a period of two years.-TNR will subscribe for up to 2,000,000 units of the private placement.-TNR is entitled up to a further 7,000,000 ILC shares and 7,000,000 ILC warrants under a property option agreement on the Mariana property in Argentina.-As a result of the transaction, including the shares issued for the potential exercise of the Mariana property option, ILC will have approximately 60,000,00...

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