International Lithium Announces Private Placement Extension
International Lithium Corp. (TSXV: ILC) (OTCQB: ILHMF) (FSE: IAH) has secured an extension from the TSX Venture Exchange to close its private placement of up to 40 million units at CAD $0.05 each, aiming to raise $2 million. The new deadline is set for January 25, 2024. Each unit includes a common share and a half warrant, with each full warrant allowing the purchase of an additional share at CAD $0.10 for three years post-issue.
Funding Exploration and Corporate Costs
The proceeds will fund exploration of the Raleigh Lake Project in Ontario while covering other projects and general costs. Participation from some directors and insiders is expected, which are deemed ‘related party transactions’ under MI 61-101. The company has met all exemption requirements concerning these transactions.
About International Lithium Corp
International Lithium Corp’s mission is to generate shareholder value through lithium and rare metals, supporting the shift to clean energy. With strategic Canadian and international projects, the company focuses on the Raleigh Lake Project in Canada for lithium and rubidium and aims to explore new opportunities in Canada and Zimbabwe. Having divested from Mariana in Argentina and Mavis Lake in Canada, International Lithium is poised to pursue its goals with adequate funds.
Raleigh Lake Project Highlights
The Raleigh Lake Project is ILC’s flagship, with exploration revealing substantial rubidium and lithium deposits. A Preliminary Economic Assessment in December 2023 showed promising project value. The project is fully owned by ILC and free of royalties. With lithium being essential for the sustainable economy, the company aims to capitalize on this demand.
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