Business
International Lithium Corp. End of Quarter Update
Vancouver, British Columbia--(Newsfile Corp. - October 4, 2021) - The board of International L...
About this update from Ilc Critical Minerals Limited
[{"type":"text","content":"International Lithium Corp. End of Quarter UpdateVancouver, British Columbia--(Newsfile Corp. - October 4, 2021) - The board of International Lithium Corp. (TSXV: ILC) (the \"Company\" or \"ILC\") is pleased to announce an update on progress at the end of the quarter.Sale of MarianaThis sale of ILC's remaining 8.58% stake in Litio Minera Argentina and the remaining rights in the Mariana project to ILC's partner Ganfeng Lithium for CAD$ 16.8 million was announced on September 21, 2021. The Mariana transaction counts as a \"Reviewable Disposition\" under TSXV policies and is subject to TSXV approval and shareholder approval by a majority of the shares entitled to vote on the transaction. The Company is pleased to announce that it has now obtained TSXV approval to close the transaction following it obtaining the overwhelming support of the largest shareholders who provided the required shareholder approval. The Company expects to close the transaction in mid-October following the Chinese National Day and Golden Week holidays. Convertible DebenturesAll the remaining convertible debentures which were due to mature on September 30, 2021 were converted prior to maturity, resulting in the issue of an additional 10,600,000 shares and the elimination of C$ 530,000 of convertible debt.Shares in issueFollowing the exercise of warrants for CAD$ 600,000 mentioned in the September 21, 2021 news release, and the conversion of CAD$ 530,000 of convertible debentures mentioned above, the Company now has 233,880,443 common shares in issue. A new Fact Sheet reflecting this is available on the company's website.Raleigh Lake progressThe Company commenced the autumn program at its 100% owned Raleigh Lake lithium and rubidium project in Canada last week. The Raleigh Lake project now consists of over 17,000 hectares (170 square kilometres) of mineral claims in Ontario, and is regarded by ILC management as ILC's most significant project in Canada. The exploration conducted to date covers only 5% of ILC's current claim area that has already shown significant quantities of rubidium and caesium in the lithium bearing pegmatite. Raleigh Lake is 100% owned by ILC, is not subject to any encumbrances, and is royalty free. It has perfect infrastructure being close to the town of Ignace and the city of Dryden, Ontario and is transected by the Trans-Canada Highway,...