In This Article:
Vancouver, British Columbia--(Newsfile Corp. - June 12, 2019) - International Lithium Corp. (TSXV: ILC) (the "Company" or "ILC") announces the closing extension, to July 15, 2019, of its previously announced non-brokered private placement (the "Private Placement") of up to 16,666,667 units (each a "Unit") at a price of $0.06 per Unit to raise up to CAD $1,000,000. Each Unit will consist of one common share of the Company and one-half of a transferable common share purchase warrant (each whole warrant, a "Warrant"). Each Warrant will be exercisable into one common share in the capital of the Company at an exercise price of $0.09 per share. The Company intends to amend the maturity date of the Warrants from two years to three years. Please refer to the Company's news release dated April 17, 2019 for further details.
The Company also announces that it intends to amend the terms and final maturity date of its non-brokered private placement of convertible debentures (the "Debentures") in the principal amount of GBP 240,000 (CAN $408,000), previously announced on February 13, 2019. The maturity date of the Debentures will be revised from May 31, 2019 to September 15, 2019. The interest rate will be reduced from 15% per annum to 10% per annum. The debentureholders may convert at any time, all or a portion of the convertible loan principal into common shares of the Company at a price of CDN $0.07 per common share.
The Amendments to the terms of the above private placements remain subject to the approval of the TSX Venture Exchange.
Certain directors of the Company may participate in these private placements. The proposed issuance of private placement securities to non-arms' length parties also constitutes a related-party transaction under Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101"). Because the Company's shares trade only on the TSXV, the issuance of securities is exempt from the formal valuation requirements of Section 5.4 of MI 61-101 pursuant to Subsection 5.5(b) of MI 61-101 and exempt from the minority approval requirements of Section 5.6 of MI 61-101.
On behalf of the Company,
John Wisbey
Chairman and CEO
For further information concerning this news release please contact +1 604-449-6520
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.