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International Lithium Closes Final Tranche of CAD $1,800,000 Private Placement
Vancouver, British Columbia--(Newsfile Corp. - July 16, 2018) - International Lithium Corp. (T...
About this update from Ilc Critical Minerals Limited
[{"type":"text","content":"International Lithium Closes Final Tranche of CAD $1,800,000 Private PlacementVancouver, British Columbia--(Newsfile Corp. - July 16, 2018) - International Lithium Corp. (TSXV: ILC) (the \"Company\" or \"ILC\") announces that it has closed the final tranche of the previously announced CAD $1,800,000 non-brokered private placement (the \"Private Placement\") of secured convertible debentures (the \"Debentures\") to raise proceeds of CAD $625,000. The total funds raised for this private placement is CAD $1,800,000. The Debentures will mature on June 30, 2019 and bear interest at a rate of 15% per annum, payable quarterly. The debentureholders may convert at any time, all or a portion of the convertible loan principal into common shares of the Company at a price of CAD $0.085 per common share in the first year from the date of issue, and CAD $0.10 per common share thereafter. The Debenture will be secured by a general security agreement against the Company's assets. All private placement securities will be restricted from trading for a period of four months and one day from closing. The Company has the right to give notice of repayment of the convertible debenture, at any time after three months from the date of advance, although in this event the debenture holder has the right to convert into shares rather than receiving repayment.Directors and officers of the Company participated in CAD $709,500 of the Private Placement. The issuance of private placement securities to non-arms' length parties 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 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 Company did not file a material change report 21 days prior to the closing of the private placement because the Company wished to complete the Private Placement in a timely manner.Commenting on the successful closing of the private placement, John Wisbey, Chairman and CEO said, \"Since March 2018, when I took over my role as CEO of ILC, we have now raised just und...