Business
TNR GOLD CORP. STATES NO ADVERSE MATERIAL CHANGE / PROCEEDING AS PROPOSED WITH INTERNATIONAL LITHIUM SPIN OFF
TNR GOLD CORP. STATES NO ADVERSE MATERIAL CHANGE / PROCEEDING AS PROPOSED WITH INTERNATIONAL LITH...
About this update from Tnr Gold Corp.
[{"type":"text","content":"\nTNR GOLD CORP. STATES NO ADVERSE MATERIAL CHANGE / PROCEEDING AS PROPOSED WITH INTERNATIONAL LITHIUM SPIN OFF\n\n\n Sep. 28, 2010 (TheNewswire.ca) -- Vancouver B.C.: TNR Gold Corp. (TSXV:TNR) (\"TNR\") and wholly-owned International Lithium Corp. (\"ILC\")(jointly the \"Company\") is stating that the Company knows of no adverse material change that would explain the recent market activity and is proceeding with the plan of arrangement to spin-off of the Company's rare metal projects into International Lithium Corp.In order to complete the plan of arrangement, the Company is intending to raise a minimum of $2.5 million to provide International Lithium with sufficient operating and administration funds to satisfy Exchange requirements for listing. The proposed financing will entail the offering of a minimum of 10 million units in ILC priced at $0.25 per Unit. Each Unit consists of one common share and one common share purchase warrant. Each whole warrant entitles the holder to purchase one additional common share of ILC at a price of $0.375 for a period of two years from the date of closing. Certain fees may be payable for a portion of the placement.Company executives are focused on the completion of the private placement in an expeditious manner including traveling abroad to China and Europe to transact with potential investors and end product users that the Company has developed strong relationships with over the course of the last year.Non-Executive Chairman and major shareholder Kirill Klip plans to participate in this financing along with other insiders.Upon closing of the financing the Company will file the required final paperwork with the applicable regulatory bodies in order to complete the listing process of International Lithium Corp.ABOUT TNR GOLD CORP. / INTERNATIONAL LITHIUM CORPThe Company is a diversified international metals exploration company focusing on the continued advancement of existing properties and identifying and acquiring new prospective projects. The Company has a portfolio of 18 active projects, of which 9 rare metals projects, including Mariana, will be held or optioned to the Company's wholly owned subsidiary International Lithium Corp upon completion of a proposed plan of arrangement.The objective of the proposed plan of arrangement is to spin out the Company's rare metals property interests int...