International Lithium and Ganfeng Lithium Reach Settlement

International Lithium Corp. (TSXV:ILC) announced that it has reached a settlement agreement with Mariana Lithium Co. Ltd., its joint venture partner and a subsidiary of Jiangxi Ganfeng Lithium Co. Ltd.; the agreement is regarding the Mariana lithium joint venture brine project in Argentina.
Key points of the settlement agreement are as follows:

1. Outstanding management fee and a settlement amount totaling US$84,706 are to be paid to ILC by MLC;
2. The double dilution for ILC’s purported default in meeting the January 2017 cash call, resulting in an ownership percentage of 14.492% for ILC, is to be calculated as a single dilution amount resulting in an ownership of 17.246% in the Mariana project for ILC;
3. ILC will maintain its status as having zero defaults as defined in the joint venture agreement;
4. ILC will pay to MLC US$206,294 which is the difference of its underpayment of the cash calls up to and including the November 28, 2017 cash call paid, representing cash calls at the 14.492% level now revised to 17,246%; and
5. US$15,698 to be paid to ILC by MLC for various project-related costs.

Click here to read the full International Lithium Corp. (TSXV:ILC) press release.