| TNR Gold Corp. TSX VENTURE: TNR | International Lithium Corp. |
Apr 18, 2011 08:30 ET
TNR Gold Corp.: Jiangxi Ganfeng Lithium Co. Ltd. Board Approves Strategic Investment in International Lithium Corp.
VANCOUVER, BRITISH COLUMBIA--(Marketwire - April 18, 2011) - TNR Gold Corp. ("TNR") (TSX VENTURE:TNR) and wholly-owned International Lithium Corp. ("ILC") (jointly the "Company") are pleased to announce that Jiangxi Ganfeng Lithium Co. Ltd. ("Ganfeng Lithium"), a leading China based multi-product lithium manufacturer, has received approval from its board of directors, to an initial strategic investment consisting of a 9.9% equity stake in International Lithium Corp.
Key Highlights:
Strategic Investor
Ganfeng Lithium based in Xinyu, Jiangxi Province, China, is a professional producer of Lithium products which has developed a comprehensive lithium product chain, including Lithium Metal and alloys, inorganic and Organic Lithium chemicals for the Primary and Secondary Lithium battery market, pharmaceutical and new material industries. Ganfeng's principal market is in China with international exports to Europe, Japan, USA and India.
Ganfeng Lithium was founded in the year 2000, was listed on the Shenzhen Stock Exchange in August 2010, has recently reported USD6.3 million net income from total revenues of USD54 million in 2010 and currently has a market capitalization of approximately USD680 million.
The Ganfeng Lithium board has approved through its wholly owned subsidiary GFL International Co., Ltd, registered in Hong Kong, to purchase a 9.9% equity share in ILC through participating in the Financing (as described below) and intends to provide future support towards the development of ILC's projects from a financial and technical perspective. Ganfeng Lithium's participation is subject to completion of the Financing for gross proceeds of at least $2.5 million (including the strategic investor's subscription) and approval for the listing of the shares and warrants on the TSX Venture Exchange.
The strategic relationship agreement provides for, among other things, the right for Ganfeng Lithium to maintain and increase its percentage ownership in ILC, grants certain marketing and offtake rights and provides for ILC board representation. In conjunction, a voting trust agreement has been entered into among Ganfeng Lithium and certain insiders of ILC and affiliates as it relates to ILC.
Plan of Arrangement – ILC Financing
In order to complete the Plan of Arrangement, ILC intends to raise a minimum of $2.5 million to provide International Lithium with sufficient operating and administration funds to satisfy Exchange requirements for listing (the "Financing"). The proposed Financing will offer a minimum of 10 million units in ILC priced at $0.25 per unit. Each unit consists of one common share and one common share purchase warrant. Each whole warrant entitles the holder to purchase one additional common share of ILC at a price of $0.375 for a period of two years from the date of closing. Certain fees may be payable on a portion of the placement, in compliance with Exchange requirements.
TNR and ILC Non-Executive Chairman Kirill Klip plan to participate in the Financing.
Company executives will focus on the completion of the Financing and will shortly be providing the shareholders of TNR notification of the final date for the shareholders of TNR to receive the applicable ILC units (the "Record Date") under the Plan of Arrangement (see below for details).
Upon closing of the Financing, ILC will file the required final paperwork with the applicable regulatory bodies in order to complete the listing of ILC.
ABOUT TNR GOLD CORP. / INTERNATIONAL LITHIUM CORP.
TNR is a diversified international mineral exploration company focusing on the advancement of existing properties and identifying and acquiring new prospective projects. TNR has a portfolio of 18 active projects, of which 9 rare metals projects, including Mariana, will be held or optioned to TNR's wholly owned subsidiary ILC upon completion of the Plan of Arrangement.
The objective of the Plan of Arrangement is to spin-out TNR's rare metals property interests into a separate public company, ILC. This proposed Plan of Arrangement has been approved by TNR's shareholders and the courts of British Columbia. TNR will now proceed with the spin-out and will provide updates on the progress of the spin-out in further news releases. For further details of the spin-out, please visit International Lithium's website and TNR's information circular dated May 10, 2010 which is available on the SEDAR website at www.sedar.com.
The recent acquisition of lithium, other rare metals and rare-earth elements projects in Argentina, Canada, USA and Ireland confirms TNR and ILC's commitments to generating projects, diversifying its markets, and building shareholder value.
On behalf of the board,
Mike Sieb
President – International Lithium Corp.
COO – TNR Gold Corp.
Statements in this press release other than purely historical information, historical estimates should not be relied upon, including statements relating to the Company's future plans and objectives or expected results, are forward-looking statements. News release contains certain "Forward-Looking Statements" within the meaning of Section 21E of the United States Securities Exchange Act of 1934, as amended. Forward-looking statements are based on numerous assumptions and are subject to all of the risks and uncertainties inherent in the Company's business, including risks inherent in resource exploration and development. As a result, actual results may vary materially from those described in the forward-looking statements.
CUSIP: #87260X 109
SEC 12g3-2(b): Exemption #82-4434
Neither the 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.Key Highlights:
- Jiangxi Ganfeng Lithium Co. Ltd. a prominent lithium product manufacturer selects ILC as investment;
- Initial 9.9% equity stake in ILC;
- Ganfeng Lithium brings significant current and future project development assistance capability;
- Strategic Relationship Agreement between a wholly-owned subsidiary of Ganfeng Lithium and ILC provides for certain Marketing and Offtake rights and ILC Board representation; and
- Company focused on closing of Plan of Arrangement with Record Date to be set shortly.
Strategic Investor
Ganfeng Lithium based in Xinyu, Jiangxi Province, China, is a professional producer of Lithium products which has developed a comprehensive lithium product chain, including Lithium Metal and alloys, inorganic and Organic Lithium chemicals for the Primary and Secondary Lithium battery market, pharmaceutical and new material industries. Ganfeng's principal market is in China with international exports to Europe, Japan, USA and India.
Ganfeng Lithium was founded in the year 2000, was listed on the Shenzhen Stock Exchange in August 2010, has recently reported USD6.3 million net income from total revenues of USD54 million in 2010 and currently has a market capitalization of approximately USD680 million.
The Ganfeng Lithium board has approved through its wholly owned subsidiary GFL International Co., Ltd, registered in Hong Kong, to purchase a 9.9% equity share in ILC through participating in the Financing (as described below) and intends to provide future support towards the development of ILC's projects from a financial and technical perspective. Ganfeng Lithium's participation is subject to completion of the Financing for gross proceeds of at least $2.5 million (including the strategic investor's subscription) and approval for the listing of the shares and warrants on the TSX Venture Exchange.
The strategic relationship agreement provides for, among other things, the right for Ganfeng Lithium to maintain and increase its percentage ownership in ILC, grants certain marketing and offtake rights and provides for ILC board representation. In conjunction, a voting trust agreement has been entered into among Ganfeng Lithium and certain insiders of ILC and affiliates as it relates to ILC.
Plan of Arrangement – ILC Financing
In order to complete the Plan of Arrangement, ILC intends to raise a minimum of $2.5 million to provide International Lithium with sufficient operating and administration funds to satisfy Exchange requirements for listing (the "Financing"). The proposed Financing will offer a minimum of 10 million units in ILC priced at $0.25 per unit. Each unit consists of one common share and one common share purchase warrant. Each whole warrant entitles the holder to purchase one additional common share of ILC at a price of $0.375 for a period of two years from the date of closing. Certain fees may be payable on a portion of the placement, in compliance with Exchange requirements.
TNR and ILC Non-Executive Chairman Kirill Klip plan to participate in the Financing.
Company executives will focus on the completion of the Financing and will shortly be providing the shareholders of TNR notification of the final date for the shareholders of TNR to receive the applicable ILC units (the "Record Date") under the Plan of Arrangement (see below for details).
Upon closing of the Financing, ILC will file the required final paperwork with the applicable regulatory bodies in order to complete the listing of ILC.
ABOUT TNR GOLD CORP. / INTERNATIONAL LITHIUM CORP.
TNR is a diversified international mineral exploration company focusing on the advancement of existing properties and identifying and acquiring new prospective projects. TNR has a portfolio of 18 active projects, of which 9 rare metals projects, including Mariana, will be held or optioned to TNR's wholly owned subsidiary ILC upon completion of the Plan of Arrangement.
The objective of the Plan of Arrangement is to spin-out TNR's rare metals property interests into a separate public company, ILC. This proposed Plan of Arrangement has been approved by TNR's shareholders and the courts of British Columbia. TNR will now proceed with the spin-out and will provide updates on the progress of the spin-out in further news releases. For further details of the spin-out, please visit International Lithium's website and TNR's information circular dated May 10, 2010 which is available on the SEDAR website at www.sedar.com.
The recent acquisition of lithium, other rare metals and rare-earth elements projects in Argentina, Canada, USA and Ireland confirms TNR and ILC's commitments to generating projects, diversifying its markets, and building shareholder value.
On behalf of the board,
Mike Sieb
President – International Lithium Corp.
COO – TNR Gold Corp.
Statements in this press release other than purely historical information, historical estimates should not be relied upon, including statements relating to the Company's future plans and objectives or expected results, are forward-looking statements. News release contains certain "Forward-Looking Statements" within the meaning of Section 21E of the United States Securities Exchange Act of 1934, as amended. Forward-looking statements are based on numerous assumptions and are subject to all of the risks and uncertainties inherent in the Company's business, including risks inherent in resource exploration and development. As a result, actual results may vary materially from those described in the forward-looking statements.
CUSIP: #87260X 109
SEC 12g3-2(b): Exemption #82-4434
For more information, please contact
TNR Gold Corp.
Mike Sieb
COO
(604) 687-7551 or 1-800-667-4470
(604) 687-4670 (FAX)
info@tnrgoldcorp.com
www.tnrgoldcorp.com
or
International Lithium Corp.
info@internationallithium.com
www.internationallithium.com
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