International Lithium Corp (OTCMKTS:ILHMF) Stock In Action After The Recent News
International Lithium Corp (OTCMKTS:ILHMF) stock continued to move higher on Monday. The stock has surged 27% over the past month.
Market Action
In the previous trading session, ILHMF stock ended up by 6.20% to $0.0637. A total of 246k shares traded for the session hands, above its average volume of 269k shares. The stock opened at $0.0650 and moved in a range of $0.0584 – 0.0650.
Key Trigger
International Lithium Corp. End of Quarter Update
International Lithium announced an update on progress at the end of the quarter.
This sale of ILC’s remaining 8.58% stake in Litio Minera Argentina and the remaining rights in the Mariana project to ILC’s partner Ganfeng Lithium for CAD$ 16.8 million was announced on September 21, 2021. The Mariana transaction counts as a “Reviewable Disposition” under TSXV policies and is subject to TSXV approval and shareholder approval by a majority of the shares entitled to vote on the transaction.
The Company is pleased to announce that it has now obtained TSXV approval to close the transaction following it obtaining the overwhelming support of the largest shareholders who provided the required shareholder approval. The Company expects to close the transaction in mid-October following the Chinese National Day and Golden Week holidays.
Convertible Debentures
All the remaining convertible debentures which were due to mature on September 30, 2021 were converted prior to maturity, resulting in the issue of an additional 10,600,000 shares and the elimination of C$ 530,000 of convertible debt.
Shares in issue
Following the exercise of warrants for CAD$ 600,000 mentioned in the September 21, 2021 news release, and the conversion of CAD$ 530,000 of convertible debentures mentioned above, the Company now has 233,880,443 common shares in issue. A new Fact Sheet reflecting this is available on the company’s website.
Trader Notes:
ILHMF stock has outperformed recently with a jump of over 99% so far this year. On the technical basis, the stock is trading above its 50-day and 200-Day SMA stand at $0.0529 and $0.0597 respectively. Moreover, RSI at 55 signals that the stock is trading near the neutral zone.
