Business
International Lithium Closes $450,000 First Tranche of Private Placement
Vancouver, British Columbia--(Newsfile Corp. - January 25, 2018) - International Lithium Corp....
About this update from Ilc Critical Minerals Limited
[{"type":"text","content":"International Lithium Closes $450,000 First Tranche of Private PlacementVancouver, British Columbia--(Newsfile Corp. - January 25, 2018) - International Lithium Corp. (TSXV: ILC) (the \"Company\" or \"ILC\") announces that it has closed the first tranche of the previously announced non-brokered private placement of units to raise proceeds of $450,000. Three non-arms' length parties participated in the private placement for total investments of $300,000: significant shareholder of the Company, TNR Gold Corp. (\"TNR\"), Executive Chairman, Kirill Klip, and Deputy Chairman, John Wisbey. 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 plus one day from the date of closing.The issuance of private placement securities to non-arms' length parties constitutes related-party transactions under 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 TSX Venture Exchange, 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 pursuant to Section 5.7(b). The post-closing ownership in ILC by TNR, before conversion of the debenture, is 9,252,390 shares, equivalent to approximately 10.1% of the outstanding common shares of the Company. Should the convertible debenture held by TNR be exercised, its holdings would be 14,252,390 shares, equivalent to approximately 14.8% of the issued common shares. The Company did not file a material change report 21 days prior to the closing of the private placement as the details of the participation of insiders of the Company had not been confirmed at that time.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 Lithium\") 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 B...