VANCOUVER, British Columbia,
March 20, 2012 /PRNewswire/ --
International Lithium Corp. ("ILC" or the "Company") is
pleased to announce that Jiangxi Ganfeng Lithium Co. Ltd. ("Ganfeng
Lithium"), a leading China based
multi-product lithium manufacturer, will increase through a Private
Placement its equity stake in ILC to 14.7% on a non-diluted
basis.
Key Highlights:
- Strategic Partner Ganfeng Lithium increases ownership in ILC to
14.7%; and
- Financial commitment reflects continued support of ILC's
management and projects.
"International Lithium has delivered impressive technical
successes as demonstrated from recent exploration results on
numerous ILC projects, and I am pleased to see this vote of
confidence from our strategic partner. Our partnership with
China based Ganfeng Lithium Co.,
Ltd. continues to provide the Company with crucial technical and
financial support. Our mutual goal is to position the Company
in the potential supply chain of strategic commodities for the
coming green technological revolution," states Kirill Klip, President of the Company.
The Ganfeng Lithium Board of Directors has approved through
its wholly owned subsidiary GFL International Co., Ltd,
registered in Hong Kong, to
purchase 4,347,826 common shares in ILC through participating in a
Private Placement at $0.115 per share
for gross proceeds of $500,000 (the
"Financing"). Completion of the Financing is subject to
Exchange approval.
Ganfeng Lithium originally committed through a Strategic
Relationship Agreement to an initial investment consisting of a
9.99% equity stake in ILC (for further details refer to the
Company's press release dated April
18, 2011). The Financing represents a significant
increase to Ganfeng Lithium's equity stake and reflects Ganfeng
Lithium's continued support of ILC's management and projects.
Certain fees may be payable on a portion of the placement, in
compliance with Exchange requirements. The common shares sold
under the Financing will be restricted from trading for 4 months in
accordance with applicable securities laws.
ABOUT JIANGXI GANFENG
LITHIUM CO. LTD.
Ganfeng Lithium, based in Xinyu, Jiangxi Province, China, is a professional producer of lithium
products which has developed a comprehensive product chain,
including lithium metal and alloys, inorganic and organic lithium
chemicals, and supplies a wide range of lithium products for
primary and secondary lithium battery markets, pharmaceutical and
new material industries. Ganfeng's principal market is in
China with international exports
to Europe, Japan, USA
and India.
"Ganfeng Lithium, as a leading lithium downstream products
producer in Asia, has recently
announced in the company's 2011 annual report USD75 million in sales revenue, representing a
34% increase over the previous year. Currently Ganfeng
consumes a significant volume of lithium raw material, but taking
into account projected business growth, sourcing a future supply of
lithium becomes more and more important to support Ganfeng
Lithium's core business. Increasing our share in ILC is part
of our raw materials strategy," states Wang Xiaoshen, Executive VP
of Ganfeng Lithium Co., Ltd.
Ganfeng Lithium was founded in the year 2000; it was listed on
the Shenzhen Stock Exchange in August
2010, notably as the first publicly listed lithium company
in China, and has experienced
rapid continuous growth over the last 10 years.
ABOUT INTERNATIONAL LITHIUM CORP
International Lithium Corp. is a rare metals mineral exploration
company with an outstanding portfolio of projects, strong
management ownership, robust financial support and a strategic
partner and keystone investor Jiangxi Ganfeng Lithium Co. Ltd., a
leading China-based lithium
product manufacturer.
ILC currently has 9 active rare metals projects, well balanced
between lithium-potash brines in Argentina, Nevada and hard-rock pegmatites in
Canada and Ireland. The
Company's primary focus is the Mariana lithium-potash 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-potash brine project ranks as one of the more
prospective salars in the region.
Complementing the Company's lithium brine projects are the rare
metals pegmatite properties. The key characteristics shared
by the hard-rock rare metals 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 rare metals 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,
Kirill Klip
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.
http://bit.ly/GzvCVK
Stock Symbol: ILC:TSXV
Shares CUSIP: #459820 10 6
Warrants Symbol: ILC.WT
Warrant CUSIP: #459820 11 4
620 - 650 West Georgia Street
Vancouver, British Columbia
V6B 4N9, Canada
Voice: (604) 687-7551
Fax: (604) 687-4670
1-800-667-4470
E-mail: info@internationallithium.com
Website: http://www.internationallithium.com
SOURCE International Lithium Corp.
