Business
International Lithium Closes First Tranche of Private Placement
Vancouver, British Columbia--(Newsfile Corp. - April 1, 2025) - International Lithium Corp.(TSXV:...
About this update from Ilc Critical Minerals Limited
[{"type":"text","content":"International Lithium Closes First Tranche of Private PlacementVancouver, British Columbia--(Newsfile Corp. - April 1, 2025) - International Lithium Corp.(TSXV: ILC) (OTCQB: ILHMF) (FSE: IAH) (the \"Company\" or \"ILC\") is pleased to announce that it closed on March 31, 2025 the first tranche of its non-brokered private placement (the \"Offering\") of common shares announced on February 5, 2025. On closing, the Company issued 23,666,666 common shares at $0.015 per share for proceeds of $355,000. This takes the total number of shares in issue to 272,403,254.Proceeds of the private placement will be used primarily for general working capital purposes ahead of the Company's receiving proceeds from its disposal to Ganfeng of ILC's stake in the Irish Avalonia project. The Company anticipates 52% or $183,600 of the private placement proceeds from tranche 1 will be allocated to pay the outstanding fees to non-arm's length creditors. No fees have been payable on the transaction, and the payments to persons conducting Investor Relations Activities shall not exceed 10% of the proceeds. Closing of the Offering is subject to acceptance by the TSX Venture Exchange. All securities issued in connection with the Offering will be subject to a four-month hold period from the closing date under applicable Canadian securities laws.Five non-arms' length parties participated in this tranche of the private placement: CEO and director John Wisbey, CFO and director Maurice Brooks, COO and director Anthony Kovacs, director Ross Thompson, and director Geoffrey Baker. The issue of shares (to the extent subscribed for by insiders) constitute \"related party transactions\" pursuant to Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions (\"MI 61-101\"), as the subscribers include directors of the Company. The Company is exempt from the requirements to obtain a formal valuation or minority shareholder approval in connection with the shares in reliance on the exemptions contained in sections 5.5(a) and 5.7(1)(a) of MI 61-101, respectively, as the fair market value of the shares does not exceed 25% of the Company's market capitalization. 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 co...