Business
International Lithium Announces $1,000,000 Private Placement of Units
Vancouver, British Columbia--(Newsfile Corp. - December 29, 2017) - International Lithium Corp...
About this update from Ilc Critical Minerals Limited
[{"type":"text","content":"International Lithium Announces $1,000,000 Private Placement of UnitsVancouver, British Columbia--(Newsfile Corp. - December 29, 2017) - International Lithium Corp. (TSXV: ILC) (the \"Company\" or \"ILC\") announces that it will conduct a private placement of up to 5,000,000 units (each a \"Unit\") at a price of $0.20 per Unit for gross proceeds of up to $1,000,000 CAD, which may include non-arm's length parties, including TNR Gold Corp. and directors of the Company. Each Unit consists of one common share of the Company and one-half of one transferable common share purchase warrant (each whole warrant, a \"Warrant\"). Each Warrant is exercisable into one common share in the capital of the Company for a period of 24 months from the date of issue, at an exercise price of $0.30 per Warrant.The private placement is subject to the approval of the TSX Venture Exchange (\"TSXV\"). 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 from closing.The proposed issuance of private placement securities to non-arms' length parties also constitutes a related-party transaction under Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions (\"MI 61-101\"). Because the Company's shares trade only on the TSXV, 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.About International Lithium Corp.International Lithium Corp. has a significant portfolio of projects, strong management, robust financial support, and a strategic partner and keystone investor, Jiangxi Ganfeng Lithium Co. Ltd. (\"Ganfeng\"), 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, totaling 160 square kilometres that ranks as one of the more prospective salars or 'salt lakes' in the region. Current ownership of the ...