International Lithium Corp. completed the acquisition of 90% interest in Firesteel Copper and Cobalt Project near Upsala, Ontario.
May 20, 2024
Share
International Lithium Corp. (TSXV:ILC) agreed to acquire 90% interest in Firesteel Copper and Cobalt Project near Upsala, Ontario for CAD 2.2 million on February 16, 2024. As for consideration, International Lithium Corp. will pay on the Effective Date CAD 0.055 million in cash to the Vendor. Within 15 calendar days of Exchange approval of the Agreement: at the discretion of ILC, either paying CAD 0.11 million in cash, or paying CAD 0.065 million in cash and issuing common shares with an aggregate value of CAD 0.045 million to the Vendor. if ILC establishes a Resource Calculation equal to or exceeding 10,000,000 metric tonnes at 1% Copper, ILC shall pay, at its sole discretion, anyone of (i) CAD 1 million in cash or (ii) such number of Common Shares having an aggregate value of CAD 1 million or (iii) a combination of cash and Common Shares having an aggregate value of CAD 1 million. if ILC establishes a Resource Calculation equal to or exceeding 15,000,000 metric tonnes at 1% Copper, ILC shall pay, at its sole discretion, anyone of (i) a further CAD 1 million in cash, or (ii) such number of Common Shares having an aggregate value of CAD 1 million or (iii) a combination of cash and Common Shares having an aggregate value of CAD 1 million.
International Lithium Corp. (TSXV:ILC) completed the acquisition of 90% interest in Firesteel Copper and Cobalt Project near Upsala, Ontario on May 21, 2024. Under the terms of the Agreement, International Lithium Corp. will acquire an undivided 90% right, title, and interest in Firesteel Copper and Cobalt Project near Upsala, Ontario by: Paying on the Effective Date CAD 55,000 to the Vendor (paid); Within 15 calendar days paying CAD 110,000 to the Vendor (paid); and Granting the right to receive the following milestone payments: if ILC establishes a Resource Calculation equal to or exceeding 10,000,000 metric tonnes at 1% Copper (the "First Resource Bonus Threshold"), ILC shall pay to the Vendor CAD 1,000,000 if ILC establishes a Resource Calculation equal to or exceeding 15,000,000 metric tonnes at 1% Copper (the "Second Resource Bonus Threshold"), ILC shall pay to the Vendor a further CAD 1,000,000.
International Lithium Corp. is a lithium and rare metals company. The Company is in the process of exploring and investing in mineral properties located in Canada and Ireland. The Company has interest in various projects, such as Raleigh Lake, Wolf Ridge, Avalonia, and Forgan Lake and Lucky Lake. The Raleigh Lake Project is wholly owned by the Company and consists of a total of 48,500 hectares (485 square kilometers) of mineral claims in the Kenora Mining District of Ontario, Canada. The Forgan Lake and property consists of certain claims located in the Thunder Bay Mining District in Northwestern Ontario, Canada. The Wolf Ridge property is comprised of approximately 5,700 hectares located in Ontario. The Avalonia Lithium Project is comprised of certain licenses in the Carlow and Wicklow counties, Ireland. The Company retains a 1.5% NSR on the Forgan Lake and Lucky Lake projects. The Companyâs subsidiaries include International Lithium UK Ltd. and International Lithium Canada Ltd.