ILC Critical Minerals announces CAD$2.5 million private placement

ILC Critical Minerals Ltd. (TSXV: ILC) (OTCQB: ILHMF) (FSE: IAH0) announced a non-brokered private placement to raise up to CAD$2,500,000 through the issuance of up to 100 million common shares at CAD$0.025 per share. The placement includes no warrants.

The company plans to allocate the proceeds across several areas, according to information from the press release. If fully subscribed, CAD$950,000 would fund exploration activities in Namibia and Canada, representing 38% of the total. Working capital would receive CAD$660,000 or 26.4% of proceeds. Management fees to non-arms length parties would account for CAD$440,000 or 17.6%.

An additional CAD$450,000, representing 18% of proceeds, would be allocated toward exercising an option to acquire Lepidico (Mauritius) Ltd., though this remains contingent on the company's decision to exercise the option. Lepidico Mauritius owns 80% of the entity that holds the Karibib project in Namibia.

The company expects payments for investor relations activities to be less than 10% of gross proceeds. Some directors and insiders are anticipated to participate in the offering, constituting related party transactions under applicable securities regulations.

All securities issued will be subject to a four-month hold period under Canadian securities laws. The company may pay finder's fees on portions of the placement as permitted by TSX Venture Exchange policies. Completion of the offering requires acceptance by the TSXV.

ILC Critical Minerals operates exploration projects in Ontario, Canada, and maintains an option on the Karibib project in Namibia. The company's Canadian projects target lithium, rubidium, and copper, while the Namibian project contains lithium, rubidium, and cesium.

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