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.
- 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.