New lithium junior debuts on the Venture

New lithium junior, International Lithium (ILC-V), listed on the Venture Exchange today, opening at 25¢ apiece.

It doubled its share price, closing the day at 50¢ on 27,425 shares traded.

The company saw its inception in 2009 when TNR Gold (TNR-V) spun its lithium and rare metals interests into International Lithium, so it could focus on its other precious and base metals projects.

The newly listed junior’s main asset is the Mariana lithium brine property in Salta province, Argentina.

The property spans for 160 sq. km and consists of several contiguous claims.

Before listing, TNR outlined in a plan of arrangement that it would transfer its lithium and rare metals properties, excluding Mariana to International Lithium for 10 million ILC shares and 10 million ICL share purchase warrants. Each warrant could be used to buy another International Lithium share at 37.5¢ apiece for two years.

Following the closing of that arrangement, which took place on May 19, International Lithium acquired a 100% interest in the Mariana lithium project in exchange for agreeing to pay TNR’s costs of buying and exploring the property, of which $1 million is payable by International Lithium offering 7 million of its shares and 7 million warrants, and paying off the rest of TRN’s tab in cash. 

Also under the arrangement, TNR shareholders received 0.25 of an International Lithium share and 0.25 of an ILC warrant for each share of TNR held.

TRN adds that May 16 was the last day for its shareholders to have been eligible to receive a piece of the new company.

International Lithium also has Chinese lithium manufacturer, Jiangxi Ganfeng Lithium, as a strategic end user, which holds 9.9% of the junior.