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Acquisition of Option to Buy Lepidico's Interest in Karibib Lithium, Rubidium and Cesium Project in Namibia
Vancouver, British Columbia--(Newsfile Corp. - September 9, 2025) - International Lithium Corp.&#...
About this update from Ilc Critical Minerals Limited
[{"type":"text","content":"Acquisition of Option to Buy Lepidico's Interest in Karibib Lithium, Rubidium and Cesium Project in NamibiaVancouver, British Columbia--(Newsfile Corp. - September 9, 2025) - International Lithium Corp. (TSXV: ILC) (OTCQB: ILHMF) (FSE: IAH) (the \"Company\" or \"ILC\") is pleased to announce that on September 04, 2025 it acquired an option from Lepidico (Canada) Inc. (\"Lepidico Canada\") to buy 100% of the shares of Lepidico (Mauritius) Ltd. (\"Lepidico Mauritius\") on a debt-free basis for consideration of CAD$975,000 plus certain payments in the future that are contingent on and linked to various possible receipts by Lepidico Canada. Lepidico Mauritius in turn owns 80% of Lepidico Chemicals Namibia (Pty) Ltd. (\"Lepidico Namibia\"), which owns the Karibib Lithium, Rubidium and Cesium project in Namibia. Assuming the transaction goes ahead with ILC exercising its option, the Company would leapfrog, by several years, the development stage of other projects it is interested in, including those in Zimbabwe and: have one of the largest rubidium resources in Africa and (per our own research and also using Grok) the largest disclosed rubidium resource in Africa, as well as one of the most extensive rubidium resources in North America through ILC's existing Raleigh Lake project in Ontario; be well-positioned for an upswing in the lithium market; andstrengthen its stance as one of the leading global players in the rubidium market and a company with some of the most significant cesium interests of any non-Chinese company.The parties have signed a secured loan agreement whereby ILC lends CAD$510,000 to Lepidico Canada. Of the principal amount, CAD$420,000 accrues interest at 10% per annum. If ILC exercises the option, this loan plus interest will be repayable in full from the option exercise proceeds. The option has been granted until the later of November 30, 2025, and 30 days after the arbitration outcome is known (see below). A total of CAD$285,000 has already been advanced to Lepidico. There are various conditions for the drawdown of the remaining CAD$225,000, including standard regulatory approvals and a key condition that, by drawdown, there will be no debt owed by Lepidico Mauritius or its subsidiaries to its ultimate Australian parent, Lepidico Ltd., which is in liquidation. A condition in the option agreement is that ...