Business
International Lithium Announces Loan Restructure and Private Placement
Vancouver, British Columbia--(Newsfile Corp. - January 6, 2021) -  International Lithium ...
About this update from Ilc Critical Minerals Limited
[{"type":"text","content":"International Lithium Announces Loan Restructure and Private PlacementVancouver, British Columbia--(Newsfile Corp. - January 6, 2021) -  International Lithium Corp. (TSXV: ILC) (the \"Company\" or \"ILC\") announces that it intends to restructure its indebtness, whereby the Company will issue to certain insiders and other private investors of the Company (\"Lenders\") an aggregate of 60,355,000 bonus share purchase warrants (the \"Bonus Warrants\") of the Company in consideration of debentures with a total principal value of CDN $3,017,750 being substituted with non-convertible debt from the Lenders to the Company (the \"Loans\"). The Loans will bear interest of 12.5% per annum, payable semi-annually and will mature on either June 30, 2022 or September 30, 2023, as elected by the Lenders. Each Bonus Warrant will entitle the holder to purchase one common share of the Company at an exercise price of CDN $0.05 per share. The Bonus Warrants will be subject to a trading hold period expiring four months from the date of issue, under applicable securities laws. The Loans may be repaid prior to their maturity without penalty; however, if a Loan is reduced or repaid during the first year of its term, a pro rata number of the total Bonus Warrants will have their term reduced to the later of one year from issuance of the Bonus Warrants and 30 days from the reduction or repayment of the Loan. The number of shares that would result from the exercise of the Bonus Warrants is identical to the number of shares that would have been issued had the same principal of convertible debentures been extended at a conversion price of $0.05 and then converted. Amendment of Convertible DebenturesThe Company also announces that other holders of convertible debentures in the aggregate principal amount of CAD $622,500 (none of them Insiders) have elected to amend their convertible debentures such that the maturity date is extended by one year until September 30, 2021, the conversion price will be reduced from CAN $0.065 per common share to CAN $0.05 per common share and the interest rate is revised from 12% per annum to 15% per annum. All other terms and conditions of these convertible debentures are unchanged. The amendment is subject to approval of the TSX Venture Exchange (\"TSXV\").Private Placement of UnitsThe Company also plans to complete a privat...