Vancouver, British Columbia--(Newsfile Corp. - May 3, 2018) - International Lithium Corp. (TSXV: ILC) (the "Company" or
"ILC"), announces that it has closed the first tranche of previously announced $1,800,000 non-brokered private placement
(the "Private Placement") of secured convertible debentures (the "Debentures") to raise proceeds of $275,000.
The Debentures will mature on June 30, 2019 and bear interest at a rate of 15% per annum, payable quarterly. The debentureholders
may convert at any time, all or a portion of the convertible loan principal into common shares of the Company at a price of $0.085
per common share.
The Debenture will be secured by a general security agreement against the Company's assets. All private placement securities
will be restricted from trading for a period of four months and one day from closing.
The Company has the right to give notice of repayment of the
convertible debenture, at any time after three months from the date of advance, although in this event the debenture holder has the
right to convert into shares rather than receiving repayment.
Directors and officers of the Company participated in the Private Placement. The issuance of private placement securities to
non-arms' length parties constitutes a related-party transaction under Multilateral Instrument 61-101 - Protection of Minority
Security Holders in Special Transactions ("MI 61-101"). Because the Company's shares trade only on the TSX Venture
Exchange, the issuance of securities is exempt from the formal valuation requirements of Section 5.4 of MI 61-101 pursuant to
Subsection 5.5(b) of MI 61-101 and exempt from the minority approval requirements of Section 5.6 of MI 61-101 pursuant to Section
5.7(b). The Company did not file a material change report 21 days prior to the closing of the private placement because the Company
wished to complete the Private Placement in a timely manner.
About International Lithium Corp.
International Lithium Corp. has a significant portfolio of projects, strong management, and a strategic partner and keystone
investor, Jiangxi Ganfeng Lithium Co. Ltd., ("Ganfeng Lithium") a leading China-based lithium product manufacturer.
The Company's primary focus is the strategic stake in the Mariana lithium-potash brine project located within the renowned South
American "Lithium Belt" that is the host to the vast majority of global lithium resources, reserves and production. The Mariana
project strategically encompasses an entire mineral rich evaporite basin, totaling 160 square kilometres that ranks as one of the
more prospective salars or 'salt lakes' in the region. Current ownership of the project is through a joint venture company, Litio
Minera Argentina S. A., a private company registered in Argentina, ownership of which will be revised shortly to 82.754% by Ganfeng
Lithium and 17.246% by ILC in order to reflect each party's current JV interest. In addition, ILC has an option to acquire 10% in
the Mariana project through a back-in right.
Complementing the Company's lithium brine project are three rare metals pegmatite properties in Canada known as the Mavis,
Raleigh, and Forgan projects, and the Avalonia project in Ireland, which encompasses an extensive 50km-long pegmatite belt.
The ownership of the Avalonia project is currently 55% GFL and 45% ILC. GFL have an option to earn an additional 24% by either
incurring CDN$10 million expenditures on exploration activities or delivering a positive feasibility study on the project, at which
time the ownership will be 79% GFL and 21% ILC.
The Mavis and Raleigh projects are under option to strategic partner Pioneer Resources Limited (ASX: PIO) pursuant to which
Pioneer can acquire up to a 51% interest in the projects.
The Mavis, Raleigh and Forgan projects together form the basis of the Company's Upper Canada Lithium Pool designated to focus on
acquiring numerous prospects with previously reported high concentrations of lithium in close proximity to existing
infrastructure.
With the increasing demand for high tech rechargeable batteries used in vehicle propulsion technologies and portable
electronics, lithium is paramount to tomorrow's "green tech", sustainable economy. By positioning itself with solid strategic
partners and projects with significant resource potential, ILC aims to be one of the green tech resource developers of choice for
investors and to continue to build value for its shareholders.
International Lithium Corp.'s mission is to find, explore and develop projects that have the potential to become world-class
lithium, potash and rare metal deposits. A key goal is to become a well funded company to turn that aspiration into reality.
On behalf of the Company,
John Wisbey
Chairman and CEO
www.internationallithium.com
For further information concerning this news release please contact +1 604-449-6520
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the
TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Statement Regarding Forward-Looking Information
Except for statements of historical fact, this news release contains certain "forward-looking information" within the meaning
of applicable securities law. Forward-looking information or forward-looking statements in this news release may include: the
timing and anticipated results of drilling on the Mavis Lake Project, the expectation of feasibility studies, lithium recoveries,
modeling of capital and operating costs, results of studies utilizing membrane technology at the Mariana Project, budgeted
expenditures and planned exploration work on the Avalonia JV, and continued agreement between the Company and Jiangxi Ganfeng
Lithium Co. Ltd. regarding the Company's percentage interest in the Mariana project. Such forward-looking information is based on a
number of assumptions and subject to a variety of risks and uncertainties, including but not limited to those discussed in the
sections entitled "Risks" and "Forward-Looking Statements" in the interim and annual Management's Discussion and Analysis which are
available at www.sedar.com. While management believes that the assumptions made are reasonable, there can be no assurance
that forward-looking statements will prove to be accurate. Should one or more of the risks, uncertainties or other factors
materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in
forward-looking information. Forward-looking information herein, and all subsequent written and oral forward-looking information
are based on expectations, estimates and opinions of management on the dates they are made that, while considered reasonable
by the Company as of the time of such statements, are subject to significant business, economic and competitive uncertainties and
contingencies. These estimates and assumptions may prove to be incorrect and are expressly qualified in their entirety by
this cautionary statement. Except as required by law, the Company assumes no obligation to update forward-looking information
should circumstances or management's estimates or opinions change.
This news release does not constitute an offer to sell or a solicitation of an offer to sell any of the securities in the
United States. The securities referred to herein have not been and will not be registered under the United States Securities Act of
1933, as amended or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless
registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is
available.
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