"Three insiders of the Company participated in this tranche of the private placement and subscribed for a face value of $475,000 in convertible securities. Participation by the three insiders constitutes a related party transaction as defined under Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions. The Company did not file a material change report 21 days prior to the closing of the private placement as the details of the participation of insiders of the Company had not been confirmed at that time."
LEGAL DISCLAIMER
Executive Chairman And Directors Of International Lithium Participate In Second Tranche Of Private Placement Of Convertible Securities
"Two insiders of the Company participated in this tranche of the private placement and subscribed for a face value of $300,000 in convertible securities. Participation by the two insiders constitutes a related party transaction as defined under Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions."
International Lithium Announces Close Of First Tranche Of Private Placement Of Convertible Securities.
"Two insiders of the Company participated in the private placement and subscribed for a face value of $100,000 in convertible securities. Participation by the two insiders constitutes a related party transaction as defined under Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions." Read more.
LEGAL DISCLAIMER
International Lithium And Ganfeng Mariana Lithium JV Exploration Target And Indicated Resource Of 1.25 M T of LCE.
Exploration target at Mariana Lithium, Argentina.
International Lithium NI 43-101 report.
Kirill Klip, Executive Chairman of ILC stated, "We are very pleased with the results of the maiden resource estimation at the Mariana lithium potash brine project, together with our strategic partner Ganfeng Lithium. This project is now moving from an early exploration stage to an advanced exploration stage where it will be more easily compared to other lithium brine projects in Argentina. We are looking forward to follow up with Ganfeng Lithium on the recommendations of this report in order to ensure the rapid advancement of the project towards the pilot stage and to conduct further feasibility studies that will investigate the economic viability of the Mariana project."
LEGAL DISCLAIMER
International Lithium Announces Multiple High-Grade Lithium Pegmatites Intersected at Mavis Lake Project, Ontario, Canada
“We are very pleased with the results Pioneer have achieved at Mavis and look forward to continued exploration success,” stated Kirill Klip, CEO of ILC. “Our concept of the Upper Canada Lithium Pool is moving forward and ILC has another lithium project in its portfolio moving toward a more advanced exploration stage. This success supports our strategy utilizing strategic partnerships to advance projects with the ultimate goal to secure lithium supply for the ongoing electrification of our transportation and energy storage applications.”
International Lithium Closes Final Tranche of Private Placement of $1,000,000 Convertible Securities
Vancouver, B.C. August 10, 2017: International Lithium Corp. (the “Company” or “ILC”) (TSX VENTURE: ILC) is pleased to announce that it has closed the final tranche of its previously announced $1,000,000 non-brokered private placement (the “Private Placement”) of convertible securities, for proceeds of $475,000. The securities were issued pursuant to a convertible loan bearing interest at the rate of 15% per annum, payable quarterly, with a maturity date of one year from the date of advance. The lenders may convert at any time, all or a portion of the convertible loan principal into common shares of the Company at a price of $0.14 per common share.
The Company has the right to repay the convertible loans, at any time after three months from the date of advance. The Issuer agrees to use its best endeavours to raise equity funds to repay the convertible loans in whole or in part. If the Issuer raises insufficient equity funds to repay all of the convertible loans, then the Issuer may repay them on a pro rata basis to each registered holder.
The proceeds of the private placement will be used for general working capital purposes. All private placement securities will be restricted from trading for a period of four months and one day from closing. The convertible loans will be secured by a general security agreement against the Company’s assets.
Three insiders of the Company participated in this tranche of the private placement and subscribed for a face value of $475,000 in convertible securities. Participation by the three insiders constitutes a related party transaction as defined under Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions. The Company did not file a material change report 21 days prior to the closing of the private placement as the details of the participation of insiders of the Company had not been confirmed at that time.
On behalf of the Board of Directors,
Kirill Klip
Executive Chairman
For further information concerning this news release please contact +1 604-700-8912
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Statement Regarding Forward-Looking Information
Except for statements of historical fact, this news release contains certain “forward-looking information” within the meaning of applicable securities law. Forward-looking information is frequently characterized by words such as “plan”, “expect”, “project”, “intend”, “believe”, “anticipate”, “estimate”, “will”, “could” and other similar words, or statements that certain events or conditions “may” or “could” occur. Such forward-looking information is based on a number of assumptions and subject to a variety of risks and uncertainties, including but not limited to those discussed in the sections entitled “Forward-Looking Statements” in the interim and annual Management’s Discussion and Analysis which are available at www.sedar.com. While our management believes that the assumptions made are reasonable, should one or more of the risks, uncertainties or other factors materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking information. Forward-looking information herein, and all subsequent written and oral forward-looking information are based on estimates and opinions of management on the dates they are made and are expressly qualified in their entirety by this cautionary statement. Except as required by law, the Company assumes no obligation to update forward-looking information should circumstances or management’s estimates or opinions change.
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