International Lithium closes final tranche of private placement of $1M convertible securities
Written By: Katherine Demetre
August 10, 2017
On August 10, 2017, the International Lithium Corp announced that it had closed the final tranche of its previously announced $1 million non-brokered private placement of convertible securities, for proceeds of $475,000.
According to the company, the securities were issued pursuant to a convertible loan bearing interest at the rate of 15% per annum, payable quarterly, with a maturity date of one year from the date of advance. The company continued to explain that the lenders could convert at any time, all or a portion of the convertible loan principal into common shares of the Company at a price of $0.14 per common share.
The proceeds of the private placement would be used for general working capital purposes, as per the company. All private placement securities would be restricted from trading for a period of four months and one day from closing, and the convertible loans would be secured by a general security agreement against the company’s assets.