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International Lithium Corp. Expands Raleigh Lake Lithium and Rubidium project in Ontario, Canada and divests its 49% interest in Mavis Lake Lithium Project, Canada
Vancouver, British Columbia--(Newsfile Corp. - October 25, 2021) - The board of International ...
About this update from Ilc Critical Minerals Limited
[{"type":"text","content":"International Lithium Corp. Expands Raleigh Lake Lithium and Rubidium project in Ontario, Canada and divests its 49% interest in Mavis Lake Lithium Project, CanadaVancouver, British Columbia--(Newsfile Corp. - October 25, 2021) - The board of International Lithium Corp. (TSXV: ILC) (the \"Company\" or \"ILC\"), is pleased to announce the further expansion of its Raleigh Lake lithium and rubidium project in Ontario, Canada where it now has claims totalling 27,000 hectares (270 square kilometres), an increase of 10,000 hectares from the previously announced 17,000 hectares and from 3,000 hectares when ILC's drilling began in April 2021. At the same time the Company and its partner Essential Metals Limited (ASX:ESS, \"ESS\") have announced their divestment of 100% of the Mavis Lake Project in Ontario through the granting of an option to Critical Resources Limited (ASX:CRR).Further detailed announcements will be made in respect of Raleigh Lake and the neighbouring new claims, but we can disclose now that multiple new pegmatites were discovered in October 2021 including on some of the new claims. We will make further announcements when laboratory analysis has been carried out. The board remains excited about the potential of this project.The Mavis Lake sale will, if the option is exercised, realise AUD$ 3.2m in cash & shares (approx. CAD$ 2.952m at an exchange rate of CAD$=AUD$ 1.0840) with a possible further AUD$ 3.0m (CAD$ 2.768m) of cash linked to resource discovery milestones. ILC will, on option exercise, receive exactly 50% of these proceeds, i.e. approximately CAD$ 1.476m with a possible further CAD $1.384m linked to resource discovery milestones.Key transaction details of the sale of Mavis Lake (including Fairservice) are as follows:a) Critical Resources will pay AUD$ 175,000 to purchase the option to acquire the Project with the option exercisable by 4 January 2022 upon completion of due diligence and the fulfilment of certain conditions precedent. Upon exercising the option, Critical Resources will pay/issue the following:AUD$1,500,000 cash; and68 million shares in Critical Resources at a price of AUD$ 0.022 per share (with a deemed value of AUD$ 1.5 million). b) ESS and ILC will share the proceeds equally. ESS will, if the option is exercised, give up its rights to acquire a further 29% of the project, while ILC w...