Business
International Lithium Closes Private Placement of Convertible Debentures
Vancouver, British Columbia--(Newsfile Corp. - January 30, 2020) - International Lithium Corp....
About this update from Ilc Critical Minerals Limited
[{"type":"text","content":"International Lithium Closes Private Placement of Convertible DebenturesVancouver, British Columbia--(Newsfile Corp. - January 30, 2020) - International Lithium Corp. (TSXV: ILC) (the \"Company\" or \"ILC\") (www.internationallithium.com) is pleased to announce the close of the CAD$1,027,500 non-brokered private placement (the \"Private Placement\") of secured convertible debentures (the \"Debentures\") announced on November 29, 2019 and January 24, 2020. The Debentures will mature on September 30, 2020 and bear interest at a rate of 12% per annum. The debentureholders will have the right to redeem the Debentures on March 31, 2020 and may convert at any time, all or a portion of the Debentures into common shares of the Company at a price of CAD$0.05 per common share. The Company also announces that it has closed the non-brokered private placement (the \"GBP Private Placement\") of secured Debentures in the principal amount of GBP 254,000 (CAD $445,000) announced on November 29, 2019. The Debentures will mature on September 30, 2020 and bear interest at a rate of 12% per annum. The debentureholders will have the right to redeem the Debentures on March 31, 2020 and may convert at any time, all or a portion of the Debentures into common shares of the Company at a price of $0.05 per common share. The Company intends to use the proceeds for exploration of its Raleigh Lake project in Ontario, and for general working capital.All directors of the Company participated in these private placements, including John Wisbey, who subscribed for Debentures of CAD$572,500 and GBP 254,000. The proposed 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. The Company takes this opportunity to provide the below update on the security holdings of the directors and other insiders following the closings of these private placements. This information can also be found on SEDI at www.sedi.ca...