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International Lithium Corp. Options Mavis Lithium Project and Forms Strategic Alliance with Australian Company, Pioneer Resources Limited - Seite 2
region sees us advancing a multitude of smaller deposits that possess near
perfect accessible infrastructure and that can supply a central lithium
carbonate processing facility. Identifying smaller high-grade deposits
within close proximity can greatly enhance the economics of a processing
facility as well as allowing these smaller deposits to be mined at a
greatly reduced CAPEX. We intend on bringing our strategy to reality
through strategic partners, like Pioneer, that share our vision.'
Key Terms of the Transaction
- Pioneer will either pay CAN$65,000 cash to ILC or subject to TSXV
approval, subscribe for $100,000 of units of ILC at a price of $0.08
per unit (as part of the recently announced financing ILC NR 2 March
2016) in exchange for an exclusive 90-day due diligence period.
- On electing to proceed, Pioneer may earn a 51% interest in the project
by expending CAN$1.5 million on exploration activities within three
years and paying to ILC a total of CAN$375,000 in cash and shares 50/50
over the same three years (the 'First Earn-in').
- Following the First Earn-in, ILC will be granted a 1.5% Net Smelter
Return royalty ('NSR'), purchasable at any time for CAN$1.5 million.
- Pioneer will then be granted, if they choose, a Second Option where
they can earn an additional 29% through expending CAN$8.5 million
within seven years (total CAN$10 million over ten years). Thereafter
the Parties will contribute on a pro-rata basis. If either Party
dilutes to 15% Project Equity, their interest is converted to a 1.5%
NSR.
About Mavis Lithium Project
Key factors that make the Mavis Lithium Project attractive are its location
and established infrastructure. Situated only 19 kilometres from the town
of Dryden, Ontario and approximately 300 kilometres via the Trans-Canada
Highway to Thunder Bay, an industrial centre in Ontario. Rail and power
access are also readily available as well as a skilled workforce,
experienced in sustainable natural resource development. The claim blocks
comprise a total of 2,624 hectares and straddle a continuous pegmatite
field exhibiting high-grade, well-evolved, lithium and tantalum zonation as
well as significant levels of caesium and rubidium.
+---------+---------+-------+-----------+--------+
| DDH |From (m) |To (m) |Length (m) | % Li2O |
+---------+---------+-------+-----------+--------+
|MF-11-08 | 2.25| 11.00| 8.75| 1.83|
+---------+---------+-------+-----------+--------+
|MF-11-09 | 18.85| 26.65| 7.80| 2.58|
+---------+---------+-------+-----------+--------+
|MF-11-12 | 125.00| 141.00| 16.00| 1.63|
+---------+---------+-------+-----------+--------+
approval, subscribe for $100,000 of units of ILC at a price of $0.08
per unit (as part of the recently announced financing ILC NR 2 March
2016) in exchange for an exclusive 90-day due diligence period.
- On electing to proceed, Pioneer may earn a 51% interest in the project
by expending CAN$1.5 million on exploration activities within three
years and paying to ILC a total of CAN$375,000 in cash and shares 50/50
over the same three years (the 'First Earn-in').
- Following the First Earn-in, ILC will be granted a 1.5% Net Smelter
Return royalty ('NSR'), purchasable at any time for CAN$1.5 million.
- Pioneer will then be granted, if they choose, a Second Option where
they can earn an additional 29% through expending CAN$8.5 million
within seven years (total CAN$10 million over ten years). Thereafter
the Parties will contribute on a pro-rata basis. If either Party
dilutes to 15% Project Equity, their interest is converted to a 1.5%
NSR.
About Mavis Lithium Project
Key factors that make the Mavis Lithium Project attractive are its location
and established infrastructure. Situated only 19 kilometres from the town
of Dryden, Ontario and approximately 300 kilometres via the Trans-Canada
Highway to Thunder Bay, an industrial centre in Ontario. Rail and power
access are also readily available as well as a skilled workforce,
experienced in sustainable natural resource development. The claim blocks
comprise a total of 2,624 hectares and straddle a continuous pegmatite
field exhibiting high-grade, well-evolved, lithium and tantalum zonation as
well as significant levels of caesium and rubidium.
+---------+---------+-------+-----------+--------+
| DDH |From (m) |To (m) |Length (m) | % Li2O |
+---------+---------+-------+-----------+--------+
|MF-11-08 | 2.25| 11.00| 8.75| 1.83|
+---------+---------+-------+-----------+--------+
|MF-11-09 | 18.85| 26.65| 7.80| 2.58|
+---------+---------+-------+-----------+--------+
|MF-11-12 | 125.00| 141.00| 16.00| 1.63|
+---------+---------+-------+-----------+--------+
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