John Wisbey Is Pleased To Report: After Granting Himself Options And Convertible Debenture At 8.5 Cents He Can Become The Largest Shareholder Of International Lithium.

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It will be very interesting what kind of questions ILC shareholders will be asking "the new management":

International Lithium Announces Convertible Debenture Private Placement

https://internationallithium.com/international-lithium-announces-convertible-debenture-private-placement/

"Vancouver, B.C. March 29, 2018: International Lithium Corp. (the “Company” or “ILC”) (TSX VENTURE: ILC) announces, further to its news release of March 23, 2018, that it will conduct a non-brokered private placement (the “Private Placement”) of a secured convertible debenture (the “Debenture”) in the principal amount of up to CAN $1,180,000 with John Wisbey, Chairman, CEO and a significant shareholder of the Company. The Debenture will mature on June 19, 2019 and bear interest at a rate of 15% per annum, payable quarterly.  The lender may convert at any time, all or a portion of the convertible loan principal into common shares of the Company at a price of CAN $0.085 per common share, being the closing trading price of ILC shares on March 28, 2018. Should Debenture conversion take place more than one year after closing, the conversion price will be CAN $0.10 per common share.

The Debenture will be secured by a general security agreement against the Company’s assets.

Mr. Wisbey currently owns or controls 2,261,000 common shares of the Company, representing 2.39% of the outstanding shares, and securities convertible or exercisable into 6,255,943 common shares.  If all these securities were converted or exercised (and if no others of the same class were converted or exercised) this would represent 8.45% on a diluted basis.  Should the CAN $1,180,000 Debenture and all other securities be converted, Mr. Wisbey would own 22,399,296 shares, representing 19.52% on a diluted basis,  calculated on the basis of  no other securities of the same class being converted. If the new convertible debenture were converted in full,  Mr. Wisbey would become the largest shareholder of the Company."

It looks like "the new management'" has to learn the business they are Taking Over first - before rushing more NRs or "printing cheap shares and options for themselves":

International Lithium Provides Corporate Update

https://www.geologyforinvestors.com/international-lithium-provides-corporate-update/

Question 1 "In total, the Company needs to raise around CAN $5 million of finance in 2018 to meet its commitments to fund Mariana, Avalonia (???) and pay staff and suppliers."

Avalonia was fully funded by Ganfeng Lithium on January 11, 2018.

International Lithium Reports $1 million Budget for the Avalonia Lithium JV, Ireland

"January 11, 2018 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."

https://internationallithium.com/international-lithium-reports-1-million-budget-avalonia-lithium-jv-ireland/

Question 2 "This week the Company has drawn down around CAN $200,000 of short term financing from John Wisbey out of a total being made available by John Wisbey of CAN $1,180,000. The funds were used to pay and cure a Mariana cash call that was in default, pay an accounting fee to allow completion of the year-end financial statements so that they can be filed on time, and to pay certain other overdue creditors." 

How everything was done with just $200,000? Is Ganfeng suddenly in love with John Wisbey and ILC does not have to pay cash calls in full amounts on time?

Question 3 "The new management needs to address the level of risk that the Company has consequently been placed in, including meeting the need to pay staff and suppliers as well as meet the cash calls on Mariana and other projects."

All "other projects" were funded by JV Partners in January 2018?

International Lithium Announces Completion of Successful Drill Program at Mavis Lake Lithium Project

https://internationallithium.com/international-lithium-announces-completion-successful-drill-program-mavis-lake-lithium-project/

"February 19, 2018

About the Mavis Lake Lithium Project 

The Mavis Lake Project is situated 19 kilometres east of the town of Dryden, Ontario.  The Project is ideally situated in close vicinity to the Trans-Canada highway and railway major transportation arteries linking larger cities such as Thunder Bay, Ontario, to the southeast and Winnipeg, Manitoba, to the west.

The current drill program is wholly funded by Pioneer as part of its earn-in on the Mavis Lake Project (see Company news release dated March 14, 2016).

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."

Update: Thank you, we have received more questions for "the new management" of ILC to answer:

More Questions:

4. What else "the new management" has forgotten to report and/or reported "what looks like "materially different" compared to the real statements of facts"? When the NRs are coming to clarify the continuous disclosure for ILC for shareholders? 

5. Has company granted any options at this "what looks like "artificially depressed" share price level"? Who has voted on it? Are they the same directors who are getting these options? Are they conflicted and interested parties? Has "new management" used this created opportunity to "what looks like can be maybe qualified" as "unlawful enrichment"?

6. Is company in default on any of its obligations?

7. Is company in a cross default on any of its obligations?

8. Who has voted and approved Change of Control at ILC?

9. Who has voted and approved this "financing" at such "what seems to be an "artificially depressed" share price level"? Are they the same people who are getting this Convertible Debenture? Are they conflicted and interested parties? Has "new management" used this created opportunity to "what looks like can be maybe qualified" as "unlawful enrichment"?

You can leave us your questions in comments to this post or send them directly.

More questions are coming ...

Gold Catalyst: Dollar survival behind US-China tensions GLD, MUX, TNR.v, GDX

  

  There are no bears left in the equity markets and no bulls are left in Gold. Bitcoin is rising to the sky and FED has found the youth portion secret: the more you print the better it gets.  Only question is left why China, India, Turkey and Thailand are buying record amount of Gold this year? Now we have the answer and it is spelled out by Press TV this time.  Please keep in mind that it is Iran network, but it is exactly the most important part of this message - who is now talking about it.

Gold Manipulation - Kissinger: "Why is it against our interest to have gold in the system?" GLD, MUX, TNR.v, GDX

  "We continue our research about the Gold price suppression: who is doing this manipulation and why. With Bitcoin crossing $1000 and other crypto-currencies going parabolic we can see the hunger for the FIAT alternatives. We think that despite all very positive developments introduced by Bitcoin it is in a Bubble stage now due to its unbelievable vertical rise. Its bust will bring attention back to Gold and Silver and next step will be the introduction of crypto-currency backed by Gold - it will be the real game changer.

  So far China is using all these games with Gold price suppression to accumulate Gold and this year we see the record buying. Announcement of its Gold reserves can bring the very sobering reality to the financial markets. China will not accept Bitcoin for its Treasury redemption and it is not going to increase its reserve holding any more. US Dollar is losing its Reserve Currency of choice status and all recent "flyover games" just confirm U.S. financial vulnerability in line with Sirya and Iran developments."

Peter Schiff: On Taper, China's Bombshell Announcements For Treasuries, Dollar And Gold GLD, MUX, TNR.v, GDX

 "Peter Schiff talks about the bombshell of the year - China has announced the Mother Of All Tapering -  PBOC Says No Longer in China's Interest to Increase Reserves. China is ready to reduce its balance sheet and they do not have to sell any US Treasuries - during the operation Twist they have used the golden opportunity and rolled over the long term treasuries into the shorter maturities. China can just allow US to repay maturing US Treasuries. We do not think here that they will accept Bitcoin. They have made this announcement after the record buying of Gold and some people are estimating that official Gold reserves are much higher than officially recognised today."

Press TV:

Dollar survival behind US-China tensions

The escalation of military tensions between Washington and Beijing in the East China Sea is superficially over China’s unilateral declaration of an air defense zone. But the real reason for Washington’s ire is the recent Chinese announcement that it is planning to reduce its holdings of the US dollar.

That move to offload some of its 3.5 trillion in US dollar reserves combined with China’s increasing global trade in oil based on national currencies presents a mortal threat to the American petrodollar and the entire American economy.

This threat to US viability - already teetering on bankruptcy, record debt and social meltdown - would explain why Washington has responded with such belligerence to China setting up an Air Defense Identification Zone (ADIZ) last week extending some 400 miles from its coast into the East China Sea.

Beijing said the zone was aimed at halting intrusive military maneuvers by US spy planes over its territory. The US has been conducting military flights over Chinese territory for decades without giving Beijing the slightest notification.

Back in April 2001, a Chinese fighter pilot was killed when his aircraft collided with a US spy plane. The American crew survived, but the incident sparked a diplomatic furor, with Beijing saying that it illustrated Washington’s unlawful and systematic violation of Chinese sovereignty.

Within days of China’s announcement of its new ADIZ last week, the US sent two B52 bombers into the air space without giving the notification of flight paths required by Beijing.

American allies Japan and South Korea also sent military aircraft in defiance of China. Washington dismissed the Chinese declared zone and asserted that the area was international air space.

A second intrusion of China’s claimed air territory involved US surveillance planes and up to 10 Japanese American-made F-15 fighter jets. On that occasion, Beijing has responded more forcefully by scrambling SU-30 and J-10 warplanes, which tailed the offending foreign aircraft.

Many analysts see the latest tensions as part of the ongoing dispute between China and Japan over the islands known, respectively, as the Diaoyu and Senkaku, located in the East China Sea. Both countries claim ownership. The islands are uninhabited but the surrounding sea is a rich fishing ground and the seabed is believed to contain huge reserves of oil and gas.

By claiming the skies over the islands, China appears to be adding to its territorial rights to the contested islands.

In a provocative warning to Beijing, American defense secretary Chuck Hagel this week reiterated that the decades-old US-Japan military pact covers any infringement by China of Japan’s claim on the Diaoyu/Senkaku Islands.

It is hard to justify Washington and Tokyo’s stance on the issue. The islands are much nearer to China’s mainland (250 miles) compared with Japan’s (600 miles). China claims that the islands were part of its territory for centuries until Japan annexed them in 1895 during its imperialist expansion, which eventually led to an all-out invasion and war of aggression on China.

Also, as Beijing points out, the US and its postwar Japanese ally both have declared their own air defense zones. It is indeed inconceivable that Chinese spy planes and bombers could encroach unannounced on the US West Coast without the Pentagon ordering fierce retaliation.

Furthermore, maps show that the American-backed air defense zone extending from Japan’s southern territory is way beyond any reasonable halfway limit between China and Japan. This American-backed arbitrary imposition on Chinese territorial sovereignty is thus seen as an arrogant convention, set up and maintained by Washington for decades.

The US and its controlled news media are absurdly presenting Beijing’s newly declared air defense zone as China “flexing its muscles and stoking tensions.” And Washington is claiming that it is nobly defending its Japanese and South Korea allies from Chinese expansionism.

However, it is the background move by China to ditch the US dollar that is most likely the real cause for Washington’s militarism towards Beijing. The apparent row over the air and sea territory, which China has sound rights to, is but the pretext for the US to mobilize its military and in effect threaten China with aggression.

In recent years, China has been incrementally moving away from US financial hegemony. This hegemony is predicated on the US dollar being the world reserve currency and, by convention, the standard means of payment for international trade and in particular trade in oil. That arrangement is obsolete given the bankrupt state of the US economy. But it allows the US to continue bingeing on credit.

China - the second biggest economy in the world and a top importer of oil - has or is seeking oil trading arrangements with its major suppliers, including Russia, Saudi Arabia, Iran and Venezuela, which will involve the exchange of national currencies. That development presents a grave threat to the petrodollar and its global reserve status.

The latest move by Beijing on November 20 giving notice that it intends to shift its risky foreign exchange holdings of US Treasury notes for a mixture of other currencies is a harbinger that the
American economy’s days are numbered, as Paul Craig Roberts noted last week.

This is of course China’s lawful right to do so, as are its territorial claims. But, in the imperialist, megalomaniac mindset of Washington, the “threat” to the US economy and indebted way of life is perceived as a tacit act of war. That is why Washington is reacting so furiously and desperately to China’s newly declared air corridor. It is a pretext for the US to clench an iron fist. "