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International Lithium Announces Extension and Amendment to Terms of Outstanding Convertible Debentures
Vancouver, British Columbia--(Newsfile Corp. - March 22, 2019) - International Lithium Corp. (...
About this update from Ilc Critical Minerals Limited
[{"type":"text","content":"International Lithium Announces Extension and Amendment to Terms of Outstanding Convertible DebenturesVancouver, British Columbia--(Newsfile Corp. - March 22, 2019) - International Lithium Corp. (TSXV: ILC) (the \"Company\" or \"ILC\") announces that it intends to amend the terms for up to $2,700,000 of secured convertible debentures in the principal amount of $2,980,000 (the \"Convertible Debentures\") which remain outstanding and mature on June 30, 2019. The Company first announced the proposed issuance of the Convertible Debentures on March 29, 2018 and April 18, 2018. The Convertible Debentures bear interest of 15% per annum and have a maturity date of June 30, 2019. The Convertible Debentures are convertible into common shares of the Company at a conversion price of $0.085 per common share. The Company seeks to extend the maturity date of the Convertible Debentures for one year until June 30, 2020 and amend the conversion price of the Convertible Debentures to $0.065 per common share (the \"Amendments\").The Amendments to the terms of the Convertible Debentures remain subject to the approval of the TSX Venture Exchange. Commenting on the extension, John Wisbey, Chairman and CEO said:\"The Company enjoys the support of a significant majority of its ordinary shareholders and convertible debenture investors who support the Company and its business plan. At present, the Company is raising money primarily to validate the scale of its Raleigh Lake project which the Board believes could, if the scale is in line with management hopes, be transformational for the Company. Speed of executing this fundraising is important, and it is not in the interests of either new or existing investors to have uncertainty about the convertible debentures maturing in the middle of this year. We have spoken with most of the existing convertible debenture holders, most of who originally acquired the Company's debentures expecting to convert to equity at some stage. Although some have concerns about their equity investments in other lithium companies over the last year, and may prefer to wait until nearer June to decide, we believe that investors accounting for at least $2,600,000 of the $2,980,000 will be willing to extend the maturity date of the debentures to June 30, 2020 or replace them with equity, having due consideration of market conditions an...