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International Lithium's Strategic Partner, Ganfeng Lithium, Takes Large Stake in Mariana and a $10 million Option on the Blackstairs Projects
(via Thenewswire.ca) Vancouver, B.C. / TNW-ACCESSWIRE / March - 2014 / International Lithi...
About this update from Ilc Critical Minerals Limited
[{"type":"text","content":"International Lithium's Strategic Partner, Ganfeng Lithium, Takes Large Stake in Mariana and a $10 million Option on the Blackstairs Projects(via Thenewswire.ca)\n \n \nVancouver, B.C. / TNW-ACCESSWIRE / March - 2014 / International Lithium Corp. (the \"Company\" or \"ILC\") (TSX VENTURE:ILC.V) announces several major transactions with strategic partner GFL International Co., Ltd. (\"Ganfeng Lithium\" or \"GFL\").\n\n \n \nILC and strategic partner Ganfeng Lithium have finalized two separate agreements. The parties have finalized their joint venture agreement for operation of the Blackstairs lithium pegmatite project in Ireland and have entered into a loan conversion and investment agreement on the Mariana lithium brine project in Argentina in exchange for work commitments and the cancellation of approximately US$3.3 million in loans plus interest indebted to GFL. The aggregate work commitments on both projects is approximately $20 million.\n\n \n \nThe resultant ownership of the Blackstairs project will be 51% GFL and 49% ILC until the CAN$10 million expenditures are reached or a positive feasibility study is produced for the project at which time the ownership will be 75% GFL and 25% ILC.\n\n \n \nThe resultant ownership of the Mariana project if all conditions are met will be 80% GFL and 20% ILC. ILC is granted a back in right to acquire an additional 10% in the project following the completion of a Feasibility Study (as described in National Instrument 43-101 - Standards of Disclosure for Mineral Projects) that demonstrates the feasibility of placing the Mariana Property or part thereof into commercial production. Additionally, GFL will grant ILC a loan for up to $2 million to carry ILC's participating interest in the project, which if fully executed will amount to a total of US$10 million being expended on the project. The loan (and any accrued interest) is repayable from ILC's proportionate share of the proceeds from the joint venture.\n\n \n \nBlackstairs Lithium Project, Ireland - Joint Venture\n\n \n \nFurther to the Company's press releases dated October 2, 2012 and November 14, 2012, announcing the original option terms, GFL have approved and finalized a joint venture agreement on the Blackstairs Lithium project in Ireland. GFL exercised their option to acquire 51% of the Blackstairs project (press release October 1, ...