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International Lithium Corp. Arranges Loan from Strategic Partner, Jiangxi Ganfeng Lithium Co. Ltd.
(via Thenewswire.ca) Stock Symbol: ILC:TSXV Shares CUSIP: #459820 10 6 Warrants Symbol: I...
About this update from Ilc Critical Minerals Limited
[{"type":"text","content":"\nInternational Lithium Corp. Arranges Loan from Strategic Partner, Jiangxi Ganfeng Lithium Co. Ltd.\n\n(via Thenewswire.ca)\n \n \nStock Symbol: ILC:TSXV\nShares CUSIP: #459820 10 6\nWarrants Symbol: ILC.WT\n\n\n \nWarrant CUSIP: #459820 11 4 \n\n \n \nVancouver B.C. May 10, 2013: International Lithium Corp. (\"ILC\" or the \"Company\") (ILC: TSX-V) is pleased to announce that Jiangxi Ganfeng Lithium Co. Ltd. (\"Ganfeng Lithium\") has agreed to lend ILC a total of $2,289,000 to advance the Company's Mariana Lithium-Potassium Brine project in Argentina and for ILC to provide the outstanding scheduled cash payments to secure an unencumbered 100% ownership of the Mariana project. Subject to final approval by the TSX Venture Exchange and Ganfeng Lithium's shareholders, Ganfeng Lithium will advance ILC a total of USD$2,289,000 (\"Loan\"). USD$1,199,000 will be advanced within two business days of Ganfeng Lithium receiving shareholder approval (\"First Advance\"), and a further advance of USD$1,090,000 will follow in May 2014 (\"Second Advance\"). The Loan will mature two years following the date of the Second Advance and during the term of the loan ILC will pay interest of 10% per annum on the balance of the Loan, payable quarterly.\n\n \n \nIn lieu of receiving repayment of the loan, Ganfeng Lithium may elect to convert into an interest in the Mariana Property. The loan agreement contemplates that Ganfeng Lithium may convert what would otherwise be ILC's repayment obligation for the First Advance into a 26% interest in ILC's rights in the Mariana Property. Likewise, instead of receiving repayment of the Second Advance, Ganfeng Lithium may convert into a 25% interest in ILC's rights to the Mariana Property, for a total interest of 51%. If Ganfeng Lithium elects to convert up to a 51% property interest, at that time, the parties would enter into a joint venture relationship for the operation of the Mariana Property. \n\n \n \n\"This latest transaction demonstrates the confidence and continued support ILC has received from our strategic partner Gangfeng Lithium, providing us with the resources to move in course with exploration plans and operations that will allow us to unlock the potential value in the projects that we have been advancing since the formation of the company.\" States Kirill Klip, President of International Lithium Cor...