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STRATEGIC INVESTOR INVESTS IN INTERNATIONAL LITHIUM CORP. PROPOSED SPIN-OFF FROM TNR GOLD CORP. PROCEEDING
Apr. 12, 2011 (TheNewswire.ca) -- Vancouver B.C.: TNR Gold Corp. (TSXV:TNR) ("TNR") and whol...
About this update from Tnr Gold Corp.
[{"type":"text","content":"\nSTRATEGIC INVESTOR INVESTS IN INTERNATIONAL LITHIUM CORP. PROPOSED SPIN-OFF FROM TNR GOLD CORP. PROCEEDING\n\n Apr. 12, 2011 (TheNewswire.ca) -- Vancouver B.C.: TNR Gold Corp. (TSXV:TNR) (\"TNR\") and wholly-owned International Lithium Corp. (\"ILC\")(jointly the \"Company\") are providing an update regarding the plan of arrangement to spin-off of TNR's rare metal projects into International Lithium Corp. and are pleased to announce that an Asian-based strategic investor has agreed, subject to approval by its board of directors, to an initial investment representing a 9.9% equity stake in International Lithium Corp.Key Highlights:\"The involvement of a strategic investor from the outset has been the goal that we have diligently worked towards since first announcing the spin-out of ILC\" states Gary Schellenberg, CEO - TNR Gold Corp. \"The strategic investor offers significant support in our future endeavours and ILC will complement the relationship through our exploration technical strengths and ability to source out, identify and acquire opportunities.\"Strategic InvestorOver the course of the last year, Company executives have travelled abroad to develop strong relationships with potential investors and end product users that would bring significant assistance to ILC and the advancement of ILC's projects. The effort has culminated in ILC entering into a strategic relationship agreement with a prominent Asian-based company specializing in the research, development, manufacturing and sale of lithium products worldwide. The strategic investor has committed to an initial 9.9% equity share in ILC through participating in the Financing (as described below) and intends to provide instrumental future support towards the development of ILC's projects from a financial and technical perspective. The strategic investor's participation is subject to certain conditions, including approval of its board of directors, completion of the Financing for gross proceeds of at least $2.5 million (including the strategic investor's subscription) and approval for the listing of the shares and warrants on the TSX Venture Exchange.The strategic relationship agreement provides for, among other things, the ability of the strategic investor to maintain and increase its percentage ownership in ILC and grants certain marketing and offtake rights to the stra...