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International Lithium Closes Final Tranche of $1,880,000 Private Placement
Vancouver, British Columbia--(Newsfile Corp. - April 17, 2019) - International Lithium Corp. (...
About this update from Ilc Critical Minerals Limited
[{"type":"text","content":"International Lithium Closes Final Tranche of $1,880,000 Private PlacementVancouver, British Columbia--(Newsfile Corp. - April 17, 2019) - International Lithium Corp. (TSXV: ILC) (the \"Company\" or \"ILC\") is pleased to announce that it has closed the final tranche of its non-brokered private placement (the \"Private Placement\") of Units for proceeds of $148,759 On Closing, the Company issued 2,975,178 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. The total funds raised pursuant to this private placement is $1,880,000, or 37,600,000 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 director, Ross Thompson. The proceeds of the private placement will be used for exploration and 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.Position Following ClosingOn closing of this private placement, the Company has the following outstanding securities outstanding:Common shares132,595,902Convertible Debentures - GBP 240,000 at $0.07, maturing 20195,862,857 CAD $280,000 at $0.085, maturing 20193,294,118 CAD $2,342,000 at $0.065, maturing 202036,030,769Warrants at average exercise price of $0.1018,800,000Stock Options at average exercise price of $0.099,085,000 Commenting on financing activities, John Wisbey, Chairman and CEO said, \"We finally see some signs of an improvement in what has been a very difficult market for most if not all junior mining companies, with a recovery in several companies' share prices including our own. We are very grateful to all those who have invested a total of CAD $1.88 million in the most recent financing, which was very important for us.\"Since I became CEO just over a year ago, we have now raised CAD...