International Lithium Corp.: International Lithium Announces Loan Restructure and Private Placement
Company" or "
ILC") announces that it intends to restructure its indebtness, whereby the Company will issue to certain insiders and other private investors of the Company ("
Lenders") an aggregate of 60,355,000 bonus share purchase warrants (the "
Bonus Warrants") of the Company in consideration of debentures with a total principal value of CDN $3,017,750 being substituted with non-convertible debt from the Lenders to the Company (the "
Loans"). The Loans will bear interest of 12.5% per annum, payable semi-annually and will mature on either June 30, 2022 or September 30, 2023, as elected by the Lenders.
Each Bonus Warrant will entitle the holder to purchase one common share of the Company at an exercise price of CDN $0.05 per share. The Bonus Warrants will be subject to a trading hold period expiring four months from the date of issue, under applicable securities laws. The Loans may be repaid prior to their maturity without penalty; however, if a Loan is reduced or repaid during the first year of its term, a pro rata number of the total Bonus Warrants will have their term reduced to the later of one year from issuance of the Bonus Warrants and 30 days from the reduction or repayment of the Loan. The number of shares that would result from the exercise of the Bonus Warrants is identical to the number of shares that would have been issued had the same principal of convertible debentures been extended at a conversion price of $0.05 and then converted.