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International Lithium Announces Increase in Private Placement of Convertible Debentures
Vancouver, British Columbia--(Newsfile Corp. - January 24, 2020) - International Lithium Corp....
About this update from Ilc Critical Minerals Limited
[{"type":"text","content":"International Lithium Announces Increase in Private Placement of Convertible DebenturesVancouver, British Columbia--(Newsfile Corp. - January 24, 2020) - International Lithium Corp. (TSXV: ILC) (the \"Company\" or \"ILC\") is pleased to announce that it has increased to $1,027,500 the non-brokered private placement (the \"Private Placement\") of secured convertible debentures (the \"Debentures\") announced on November 29, 2019. The Debentures will mature on September 30, 2020 and bear interest at a rate of 12% per annum. The debentureholders will have the right to redeem the Debentures on March 31, 2020 and may convert at any time, all or a portion of the Debentures into common shares of the Company at a price of $0.05 per common share.The Company also announces that it intends to close in the amount of GBP 254,000 (approx. CAD $435,000) the non-brokered private placement (the \"GBP Private Placement\") of secured Debentures announced on November 29, 2019. The Debentures will mature on September 30, 2020 and bear interest at a rate of 12% per annum. The debentureholders will have the right to redeem the Debentures on March 31, 2020 and may convert at any time, all or a portion of the Debentures into common shares of the Company at a price of $0.05 per common share.The proceeds from the Private Placement and the GBP Private Placement will be used for general working capital purposes and for exploration on the Company's Raleigh Lake project in Ontario.Certain directors of the Company may participate in these private placements. 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. believes that the '20s will be the decade of battery metals, at a time that the world faces a major turning point in the energy market's dependence on oil and gas and in the governmental and public view of climate change....