Jul 22, 2011
International Lithium Closes $1,000,000 Private Placement
July 22, 2011, Vancouver, BC: International Lithium Corp. (the "Company") (ILC -- TSX Venture) is pleased to announce that it has closed the brokered private placement to raise up to $1,000,000 announced on July 11, 2011.
The Company issued 3,636,363 flow-through units (the "FT Units") at a price of $0.275 per FT Unit. Each FT Unit consists of one flow-through common share and one-half of one transferable common share purchase warrant. Each whole share purchase warrant entitles the holder to purchase one additional non flow-through common share of the Company for a period of 24 months from the closing date of the private placement at an exercise price of $0.40 per share.
A Finder was paid a cash finder's fee equal to 6% of the proceeds of the private placement. In addition, they received 290,909 non flow-through common share purchase warrants being 8% of the number of FT Units subscribed for (each a "Finder's Warrant"). Each Finder's Warrant entitles the Finder to purchase an additional non flow-through common share of the Company at a price of $0.40 per share for a period of 24 months from the closing. All of the securities issued under the private placement are subject to hold periods expiring on November 22, 2011.
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.
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.