- International Lithium Corp. (ILC) sells its 49 per cent stake in the Mavis Lake lithium project in Ontario
- International Lithium received $690,000 and share consideration of 34 million shares of Critical Resources
- It is at a deemed value of AU$748,000 at a price of AU$0.022 per share
- International Lithium’s stake in Critical Resources now has a market value of approximately $1.28 million
- Proceeds of the sale will be used to strengthen balance sheet further to fund exploration program in Raleigh Lake and to progress acquisition of other properties
- International Lithium Corp. (ILC) is down 8.33 per cent trading at $0.11 per share as of 12:59 p.m. EST
International Lithium Corp. (ILC) has sold its 49 per cent stake in the Mavis Lake lithium project in Ontario to Critical Resources Ltd.
It is in line with a previous announcement where Critical Resources buys 100 per cent of the claims from International Lithium and its partner Essential Metals Ltd.
International Lithium received $690,000 and share consideration of 34 million shares of Critical Resources.
It is at a deemed value of AU$748,000 at a price of AU$0.022 per share.
International Lithium’s stake in Critical Resources now has a market value of approximately $1.28 million.
Proceeds of the sale will be used to strengthen its balance sheet to fund the exploration program in Raleigh Lake and to progress the acquisition of other properties
Further payments of up to $1.38 million are payable to International Lithium, depending on the achievement of certain milestones at Mavis Lake. In that case, International Lithium would receive AU$750,000 in cash for the project with a volume of no less than 5 million tonnes containing at least 50,000 tonnes of lithium oxide.
A further AU$750,000 cash will be paid if a volume of no less than 10 million tonnes containing at least 100,000 tonnes of lithium oxide.
A royalty obligation from International Lithium and Essential Metals to Rich Resource Investments Ltd. is required.
International Lithium agreed to give up the net smelter royalty which it has on Mavis Lake.
The company currently has $ 12.9 million of cash and marketable securities.
International Lithium Corp. (ILC) is down 8.33 per cent trading at $0.11 per share as of 12:59 p.m. EST.
