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International Lithium Acquires Further Mineral Rights at Raleigh Lake, Ontario and Agrees to Sell Forgan Lake Project
Vancouver, British Columbia--(Newsfile Corp. - September 10, 2018) - International Lithium Cor...
About this update from Ilc Critical Minerals Limited
[{"type":"text","content":"International Lithium Acquires Further Mineral Rights at Raleigh Lake, Ontario and Agrees to Sell Forgan Lake ProjectVancouver, British Columbia--(Newsfile Corp. - September 10, 2018) - International Lithium Corp. (the \"Company\" or \"ILC\") (TSXV: ILC) announces that it has reached an agreement (the \"Raleigh Agreement\") to acquire from a third party 55 additional claims adjacent to its Raleigh Lake Project in Ontario. This new acquisition will increase the total size of the Raleigh Lake property to 1,976 hectares, or approximately double the original size. On August 29, 2018, the Company announced that, as part of a wider agreement with Pioneer Resources Limited (ASX: PIO) (\"Pioneer\"), all the rights, title and interest in the Raleigh Lake property were being returned to the Company, with no further obligations by ILC. Pursuant to the Raleigh Agreement, the Company will pay the vendor a combination of cash and 400,000 ILC common shares to acquire a 100% interest in the new Raleigh Lake claims, with no further encumbrances or royalties.A map of the enlarged Raleigh Lake claim area is shown below, and displays both existing claims (blue) and new claims (green). The property has a convenient location in a relatively unpopulated area, and benefits from a close proximity to the major N17 Trans-Canada Highway.Figure 1To view an enhanced version of Figure 1, please visit: http://orders.newsfilecorp.com/files/3232/38555_a1536560608189_12.jpgThe Company also announces that it has reached an agreement (the \"Forgan Agreement\") to sell its Forgan Lake mineral rights to Ultra Lithium Inc. (TSXV: ULI) (\"Ultra Lithium\"). The Forgan Lake property is comprised of one legacy claim, TB4244103 (converted in 18 cell claims and two boundary claims as of April 10, 2018 by the Ontario Ministry of Northern Development and Mines). The consideration to be paid to ILC is a combination of cash and shares totaling an aggregate CAD$200,000, payable over two years. The sale is subject to Ultra Lithium spending CAD$500,000 on development expenditures before September 2020, failing which the property will revert to ILC. In addition, as part of the consideration, ILC will receive a 1.5% Net Smelter Returns Royalty on future production, both from Forgan Lake and from an adjoining property owned by Ultra Lithium.John Wisbey, Chairman & CEO of the...