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International Lithium Closes $530,000 Second Tranche of Private Placement Bringing Total to $1.73 Million
Vancouver, British Columbia--(Newsfile Corp. - April 2, 2019) - International Lithium Corp. (T...
About this update from Ilc Critical Minerals Limited
[{"type":"text","content":"International Lithium Closes $530,000 Second Tranche of Private Placement Bringing Total to $1.73 MillionVancouver, British Columbia--(Newsfile Corp. - April 2, 2019) - International Lithium Corp. (TSXV: ILC) (the \"Company\" or \"ILC\") is pleased to announce that it has closed the second tranche of its non-brokered private placement (the \"Private Placement\") of units for proceeds of CAD $531,240. On closing, the Company issued 10,624,820 Units. The securities were issued pursuant to a private placement of up to 50,000,000 units (each a \"Unit\") at a price of $0.05 per Unit to raise gross proceeds up to CAD $2,500,000. This brings the total funds raised pursuant to this private placement to CAD $1,731,240, or 34,624,800 Units. Each Unit consists of one common share of the Company and one-half of a transferable common share purchase warrant (each whole warrant, a \"Warrant\"). Each Warrant is exercisable into one common share in the capital of the Company at an exercise price of $0.10 per share for two years from issue. Three non-arms' length parties participated in this tranche of the private placement: CEO and director John Wisbey, CFO and director Maurice Brooks, and COO and director Anthony Kovacs.The proceeds of the private placement will be used for exploration on the Company's Raleigh and Mariana projects and 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.Private Placement Closing ExtensionThe Company announces that the final closing of the Private Placement of Units announced on December 11, 2018 has been extended to April 15, 2019. All other terms and conditions of closing are unchanged.Convertible Debenture AmendmentsThe Company announces that, further to its news release of March 22, 2019, holders of Convertible Debentures in the aggregate principal amount of CAD $2,342,000 have elected to amend their Convertible Debentures such that the maturity date is extended by one year until June 30, 2020 and the conversion price is reduced from $0.085 per common share to $0.065 per common share. All other terms and conditions of closing are unchanged.Position Following Closing and Convertible Debenture AmendmentsOn closing of this tranche of the private placement, the Company has the following outstanding...