This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

International Lithium Corp. Options Blackstairs Project Further Strengthening Ties With Chinese Lithium Producer Jiangxi Ganfeng

Stocks in this article: ILC

VANCOUVER, British Columbia, July 30, 2012 /PRNewswire/ -- International Lithium Corp. ("ILC" or the "Company") (ILC: TSX-V) is pleased to announce that GFL International Co. Ltd, an investment company wholly owned by Ganfeng Lithium Co. Ltd. ("Ganfeng Lithium"), a leading China based multi-product lithium manufacturer has entered into a Letter of Intent ("LOI") option to earn a 75% interest in ILC's Blackstairs project in Ireland.

In recent discussions with GFL, a strategic partner and equity stakeholder in ILC, the Blackstairs project was identified as a highly prospective lithium exploration prospect. The Blackstairs project is located 80 kilometers south of Dublin in Ireland's Leinster Pegmatite Belt, an extensive lithium bearing pegmatite belt that extends for over 50 kilometers. ILC currently has a 100% interest in eight prospecting licenses covering 292 square kilometers. Evidence of high-grade lithium is identified at surface by boulder occurrences. Past exploration efforts were hampered by the lack of outcropping pegmatite. ILC will apply modern exploration technologies to highlight areas for drill testing.

Under the terms of the LOI GFL will earn a 75% interest in the Blackstairs project by:

  1. Producing a bankable feasibility study within ten years of entering into the venture,
  2. Incurring a minimum of $150,000 in exploration expenditures per year, and
  3. Making $500,000 in cash payments to ILC over a three year period, $100,000 upon signing of a final agreement, $100,000 on the first anniversary and $300,000 on the second anniversary.

In addition, GFL has entered into a LOI to lend ILC a total of $2,000,000 to advance the Company's Mariana Lithium-Potassium Brine project in Argentina and for general corporate purposes.

Ganfeng will advance ILC $1 million as soon as possible with the second $1 million advanced within the following two months. The first $1 million advance, or portion thereof, is convertible into shares of the Company at a price of $0.10 per share, during the first year of the agreement.  ILC will pay interest of 10% per annum, payable quarterly.

The term of the loan is for one year with the provision for ILC to extend to two years by issuing additional bonus shares.

1 of 4

Check Out Our Best Services for Investors

Action Alerts PLUS

Jim Cramer and Stephanie Link reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

Jim Cramer's protégé, David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
Try it NOW
Try it NOW
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

Jim Cramer's protégé, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 17,164.95 -251.90 -1.45%
S&P 500 1,994.99 -26.26 -1.30%
NASDAQ 4,635.24 -48.1670 -1.03%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs