ILC Critical Minerals closes $382,500 private placement

ILC Critical Minerals Ltd. (TSXV: ILC) (OTCQB: ILHMF) closed a non-brokered private placement, issuing 19,125,000 common shares for gross proceeds of $382,500, according to a company statement.

The offering was first announced on April 8, 2026. The company said it anticipates allocating $126,784, or 33.15% of proceeds, toward exploration and general working capital, while $255,716, or 66.85%, will go toward management, director, and professional fees to insiders. Payments for investor relations activities are expected to be less than 2% of gross proceeds.

The transaction constitutes a related party transaction under Multilateral Instrument 61-101, as four directors and one officer of the company participated in the offering. The company said it is exempt from requirements to obtain a formal valuation or minority shareholder approval, as the fair market value of shares issued to insiders does not exceed 25% of the company's market capitalization.

All securities issued are subject to a four-month hold period under Canadian securities laws. Closing remains subject to acceptance by the TSX Venture Exchange. No finder's fees were payable on the transaction.

ILC Critical Minerals holds exploration projects in Ontario, Canada, with its primary Raleigh Lake project covering 32,900 hectares targeting lithium and rubidium.

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