International Lithium Corp. (TSX-V: ILC) is pleased to announce that it has closed the final tranche of its previously announced $1,000,000 non-brokered private placement of convertible securities, for proceeds of $475,000. The securities were issued pursuant to a convertible loan bearing interest at the rate of 15% per annum, payable quarterly, with a maturity date of one year from the date of advance. The lenders may convert at any time, all or a portion of the convertible loan principal into common shares of the Company at a price of $0.14 per common share.
The Company has the right to repay the convertible loans, at any time after three months from the date of advance. The Issuer agrees to use its best endeavours to raise equity funds to repay the convertible loans in whole or in part. If the Issuer raises insufficient equity funds to repay all of the convertible loans, then the Issuer may repay them on a pro-rata basis to each registered holder.
The proceeds of the private placement will be used for general working capital purposes. All private placement securities will be restricted from trading for a period of four months and one day from closing. The convertible loans will be secured by a general security agreement against the Company’s assets.
Three insiders of the Company participated in this tranche of the private placement and subscribed for a face value of $475,000 in convertible securities. Participation by the three insiders constitutes a related party transaction as defined under Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions. The Company did not file a material change report 21 days prior to the closing of the private placement as the details of the participation of insiders of the Company had not been confirmed at that time.
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