International Lithium Corp. Announces Closing of Private Placement
VANCOUVER, BC / ACCESSWIRE / March 16, 2016 / International Lithium Corp. (TSXV: ILC.V) (the "Company" or "ILC") is pleased to announce that it has closed its private placement for gross proceeds of $629,600 through the issuance of 7,870,000 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. 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 are subject to a four-month-and-a-day hold period.
ILC President, Kirill Klip comments, "International Lithium is beginning a new phase of strategic developments through new potential acquisitions and strategic partnerships. The availability of affordable electric cars is almost here with models like GM's Bolt and Tesla's Model 3 coming into production this and next year. This will greatly increase the demand for lithium batteries in North America. Our new strategy recognizes this opportunity and we seek to meet the demand for lithium in North America's massive automotive markets. Together with Ganfeng Lithium we continue to advance our projects in Argentina and Ireland building on a vertically integrated lithium business in China, the centre of today's lithium industry where prices for the green energy metal are currently escalating. Newly formed alliances with companies like Pioneer Resources, will help us focus our expertise in recognizing opportunities and building up a resource base, while minimizing our capital outlay to advance the projects to build the secure supply of lithium for the North American market."
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
International Lithium Corp.
620 - 650 West Georgia Street
Vancouver, British Columbia
V6B 4N9, Canada
Voice: (604) 687-7551
Fax: (604) 687-4670
1-800-667-4470
E-mail: info@internationallithium.com
Website: http://www.internationallithium.com
Stock Symbol: ILC: TSXV
Shares CUSIP: #459820 10 6
SOURCE: International Lithium Corp.