ILC Critical Minerals announces CAD$1 million private placement

ILC Critical Minerals Ltd. (TSXV: ILC) (OTCQB: ILHMF) (FSE: IAH0) announced a non-brokered private placement offering of up to 50 million common shares at CAD$0.02 per share to raise gross proceeds of up to CAD$1 million, according to a company statement.

The Vancouver-based company plans to allocate CAD$500,000 or 50% of the proceeds for exploration programs on the Raleigh Lake and Wolf Ridge projects. An additional CAD$275,000 will fund general working capital purposes, while CAD$225,000 will cover management and director fees.

The offering includes no warrants and is subject to acceptance by the TSX Venture Exchange. All securities will be subject to a four-month hold period under Canadian securities laws. Some directors and insiders are expected to participate in the placement.

The company withdrew a previously announced CAD$2.5 million private placement from February 2026. That larger placement was intended to fund an option exercise to acquire Lepidico (Mauritius) Ltd., which controlled 80% of the Karibib project in Namibia. ILC did not exercise the option by the February 27, 2026 deadline due to delays in obtaining TSXV approval.

ILC received full repayment of a CAD$510,000 loan previously advanced to Lepidico (Canada) Inc., the company stated.

The company operates exploration projects in Ontario, Canada, focusing on lithium, rubidium and copper. Its Raleigh Lake project encompasses 32,900 hectares and completed a preliminary economic assessment in December 2023 showing a post-tax net present value of CAD$342.9 million for lithium resources.

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