By Jennifer Chiou
New York, April 12 - TNR Gold Corp. announced that with the proposed spinoff of its lithium and rare metals assets into its wholly owned subsidiary, International Lithium Corp., that International Lithium intends to complete a C$2.5 million private placement of units.
TNR said that shareholders will vote on the spinoff at a June 8 meeting.
In the placement, International Lithium plans to sell 10 million units at C$0.25 each.
Each unit will be comprised of one common share and one fully tradeable International Lithium warrant for one share at a price equal to a 50% premium of the company's listing price for a period of two years.
TNR noted that it will subscribe for up to 2 million units of the private placement.
International Lithium will aim to acquire lithium and rare metals properties and will be based in Vancouver, B.C. TNR is a metals exploration company based in Vancouver, B.C.
| Issuer: | International Lithium Corp.
|
| Issue: | Units of one share and one warrant
|
| Amount: | C$2.5 million
|
| Units: | 10 million
|
| Price: | C$0.25
|
| Warrants: | One share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | 150% of listing price
|
| Announcement date: | April 12
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
