International Lithium Corporation: Announces Private Placement
Vancouver, March 2, 2016 - International Lithium Corp. (TSXV: ILC.V) (the "Company" or "ILC") announces a private placement for gross proceeds of $650,000, through the issuance of 8,125,000 units of ILC, at a price of $0.08 per unit. Each unit comprises one common share and one-half of one transferable common share purchase warrant. Each whole warrant entitles the holder to acquire one common share of ILC for a period of three years from the date of issuance at a price of $0.12 per share. ILC may pay finder's fees in accordance with TSX Venture Exchange policies. Proceeds of the private placement will be used for the continued exploration of ILC's properties and for general working capital purposes. All securities issued pursuant to the private placement will be subject to a four-month-and-a-day hold period. The Company confirms that it did not proceed with the private placement previously announced in September 2015.
About International Lithium Corp.
International Lithium Corp. is an exploration company with an outstanding portfolio of projects, strong management ownership, robust financial support and a strategic partner and keystone investor GFL International, a fully owned subsidiary of Ganfeng Lithium Co. Ltd., a leading China based lithium product manufacturer.
The Company's primary focus is the Mariana lithium-potash brine project, within the renowned South American "Lithium Belt" that is the host to the vast majority of global lithium resources, reserves and production. The 160 square kilometre Mariana project strategically encompasses an entire mineral rich evaporate basin that ranks as one of the more prospective salars or 'salt lakes' in the region.
Complementing the Company's lithium brine project are rare metals pegmatite properties in Canada and Ireland. These projects reported highly encouraging lithium mineralization in drill holes targeting pegmatites that are unexposed at surface (news releases dated April 3,2013 and June 25, 2013).
With the increasing demand for high tech rechargeable batteries used in vehicle propulsion technologies and portable electronics, lithium is paramount to tomorrow's "green-tech" economy. By positioning itself with solid development partners and acquiring high quality grass roots projects at an early stage of exploration, ILC aims to be the green tech resource explorer of choice for investors and build value for its shareholders.
On behalf of the Board of Directors,
Kirill Klip
President, International Lithium Corp.
Neither the 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. Statements in this press release other than purely historical information, historical estimates should not be relied upon, including statements relating to the Company's future plans and objectives or expected results, are forward-looking statements. News release contains certain "Forward-Looking Statements" within the meaning of Section 21E of the United States Securities Exchange Act of 1934, as amended. Forward-looking statements are based on numerous assumptions and are subject to all of the risks and uncertainties inherent in the Company's business, including risks inherent in resource exploration and development. As a result, actual results may vary materially from those described in the forward-looking statements.
For information concerning ILC or the contents of this news release, please contact Caroline Klukowski (Manager Corporate Communications) at 604.687.7551 or visit the website at www.internationallithium.com