International Lithium Corp. Announces Flow-Through Financing
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 07/11/11 -- International Lithium Corp. (TSX VENTURE: ILC)(TSX VENTURE: ILC.WT) (the 'Company') announces that it intends to complete a private placement of 3,636,363 flow-through units of the Company at a price of $0.275 per unit for total gross proceeds of up to $1,000,000. Each flow-through unit will consist of one flow-through common share and one-half of one transferable non-flow-through share purchase warrant. Each whole warrant will entitle the holder to purchase one non-flow-through common share at a price of $0.40 for 2 years from the closing date.
In connection with the private placement, the Company may pay finder's fees in cash or securities or a combination of both, as permitted by the policies of the TSX Venture Exchange.
The funds will be used for exploration on the Company's Canadian rare metals projects located in Ontario and the Northwest Territories.
Closing of the private placement is subject to the Company receiving conditional acceptance from the TSX Venture Exchange.
ABOUT INTERNATIONAL LITHIUM CORP.
International Lithium Corp. is an international rare element metals ('REM') mineral exploration company with an outstanding portfolio of projects, strong management ownership, robust financial support and a prominent lithium product manufacturer as a keystone investor.
ILC currently has 9 active REM projects, well balanced between lithium brines in Argentina and Nevada and hard-rock pegmatites in Canada and Ireland. The Company's primary focus is the Mariana lithium brine project, a salar or 'salt lake', covering an expansive 160 square kilometres and strategically encompassing the entire basin. Mariana is located in the renowned South American 'Lithium Belt' centred on the junction of Argentina, Bolivia and Chile that is host to the vast majority of global lithium resources, reserves and production. The Mariana lithium brine project ranks as one of the more prospective salars in the region.
Complementing the Company's lithium brine projects are the REM pegmatite properties. The key characteristics shared by the hard-rock REM projects are their limited past exploration, excellent accessibility, limited assaying for rare metals, clear potential for additional exploration to add project value and development potential to meet the global technological growth in demand for the REM suite of elements.
International Lithium Corp.'s mandate is to increase shareholder value through aggressive advancement of its core projects and to source joint venture partners to expand the scope and diversify risk of its exploration effort.
On behalf of the Board,
Mike Sieb, President - International Lithium Corp.
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.
Shares CUSIP: #459820 10 6
Warrant CUSIP: #459820 11 4
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.
Contacts:
International Lithium Corp.
Mike Sieb
President
(604) 687-7551 or 1-800-667-4470
(604) 687-4670 (FAX)
info@internationallithium.com
www.internationallithium.com