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International Lithium Corp. Receives First Advance of Loan From Strategic Partner, Ganfeng Lithium Co. Ltd.
(via Thenewswire.ca) Vancouver B.C. June 5, 2013: International Lithium Corp. ("ILC" or the...
About this update from Ilc Critical Minerals Limited
[{"type":"text","content":"International Lithium Corp. Receives First Advance of Loan From Strategic Partner, Ganfeng Lithium Co. Ltd.(via Thenewswire.ca)\n \n \nVancouver B.C. June 5, 2013: International Lithium Corp. (\"ILC\" or the \"Company\") (ILC: TSX-V) is pleased to announce that Ganfeng Lithium Co. Ltd. (\"Ganfeng Lithium\") has advanced to ILC USD$1,199,000, being the first advance of a total USD$2,289,000 loan committed to ILC from Ganfeng Lithium, as previously announced by the Company on May 10, 2013. The loan advance bears interest of 10 percent per annum, 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 loan 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 into 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 \nThe Company has used the loan proceeds to make the underlying property payment to the vendors of the Mariana Property and related costs.\n\n\n \nAbout Ganfeng Lithium Co. Ltd.\n\n\n \n\nGanfeng Lithium based in Xinyu, Jiangxi Province, China, is a professional producer of lithium products which has developed a comprehensive product chain, including lithium metal and alloys, inorganic and organic lithium chemicals, supplies a wide range of lithium products for primary and secondary lithium battery market, pharmaceutical and new material industries. Ganfeng Lithium's principal market is in China with international exports to Europe, Japan, the USA and India. Ganfeng Lithium was founded in 2000 and listed on the Shenzhen Stock Exchange in August 2010, notably as the first publicly listed Lithium Company in China and has experienced rapid continuous growth over the last 12 years.\n\n \n \nAbout International Lithium Corp.\n\n\n \n\nInternational Lithium Corp. is an exploration company with an outstanding portfolio of projects, strong management ownership, robust financial suppor...