Business
International Lithium Extends Closing of Private Placement
Vancouver, British Columbia--(Newsfile Corp. - June 27, 2018) - International Lithium Corp. (T...
About this update from Ilc Critical Minerals Limited
[{"type":"text","content":"International Lithium Extends Closing of Private PlacementVancouver, British Columbia--(Newsfile Corp. - June 27, 2018) - International Lithium Corp. (TSXV: ILC) (the \"Company\" or \"ILC\") announces that it has extended the period of time to July 16, 2018, for closing the final tranche of the non-brokered private placement (the \"Private Placement\") of secured convertible debentures (the \"Debentures\") announced on April 18, 2018. The Private Placement is in the principal amount of up to $1,800,000. The Debentures will mature on June 30, 2019, and bear interest at a rate of 15% per annum, payable quarterly.About International Lithium Corp.International Lithium Corp. has a significant portfolio of projects, strong management, and a strategic partner and keystone investor, Jiangxi Ganfeng Lithium Co. Ltd., (\"Ganfeng Lithium\") a leading China-based lithium product manufacturer.The Company's primary focus is the strategic stake in the Mariana lithium-potash brine project located within the renowned South American \"Lithium Belt\" that is the host to the vast majority of global lithium resources, reserves and production. The Mariana project strategically encompasses an entire mineral rich evaporite basin, totaling 160 square kilometres that ranks as one of the more prospective salars or 'salt lakes' in the region. Current ownership of the project is through a joint venture company, Litio Minera Argentina S. A., a private company registered in Argentina, ownership of which will be revised shortly to 82.754% by Ganfeng Lithium and 17.246% by ILC in order to reflect each party's current JV interest. In addition, ILC has an option to acquire 10% in the Mariana project through a back-in right.Complementing the Company's lithium brine project are three rare metals pegmatite properties in Canada known as the Mavis, Raleigh, and Forgan projects, and the Avalonia project in Ireland, which encompasses an extensive 50km-long pegmatite belt.The ownership of the Avalonia project is currently 55% GFL and 45% ILC. GFL have an option to earn an additional 24% by either incurring CDN$10 million expenditures on exploration activities or delivering a positive feasibility study on the project, at which time the ownership will be 79% GFL and 21% ILC.The Mavis and Raleigh projects are under option to strategic partner Pioneer Resources Limited pursu...