From April 12, 2010 News ReleaseKey terms of the proposed spin-out are:
• TNR will transfer its lithium properties, with the exception of the Mariana property in Argentina, to ILC, in exchange for 10,000,000 common shares and 10,000,000 warrants of ILC. The warrants will be fully tradeable and exercisable at a price equal to a 50% premium to ILC's listing price for a period of two years.
• TNR shareholders will receive 0.25 of an ILC share and 0.25 warrants of ILC for every TNR share held. The warrants will be fully tradeable and exercisable at a price equal to a 50% premium to ILC's listing price for a period of two years.
• TNR shareholders will continue to hold their TNR shares after the transaction is completed.
• TNR warrant holders will receive 0.25 of an ILC warrant for every TNR warrant held. The warrants will be fully tradeable and exercisable at a price equal to a 50% premium to ILC's listing price for a period of two years.
• ILC will complete a private placement of 10,000,000 units of ILC, at a price of
.25 per Unit, with each Unit comprising of one ILC common share and one fully tradeable ILC warrant. Each warrant shall entitle the holder to acquire one further ILC common share at a price equal to a 50% premium of ILC's listing price for a period of two years.
• TNR will subscribe for up to 2,000,000 units of the private placement.
• TNR is entitled to up to a further 7,000,000 ILC shares and 7,000,000 ILC warrants under a property option agreement on the Mariana property in Argentina.
• As a result of the transaction, including the shares issued for the Mariana property option, ILC will have approximately 60,000,000 shares outstanding (subject to any increase resulting from further possible share issuances by TNR prior to the record date) of which 31.5% or approximately 19,000,000 will be held by TNR and 55.5% or approximately 33,500,000 shares will be held by the current shareholders of TNR.
https://www.tnrgoldcorp.com/s/NewsReleases.asp?ReportID=394647