ILC Critical Minerals' Karibib Lithium Project Acquisition Fails After TSXV Denies Approval
ILC Critical Minerals' bid to acquire the Karibib lithium project has failed after the Toronto Venture Exchange denied approval for the transaction. ILC had an option to purchase shares of Lepidico Mauritius, which owns 80% of the project, but the option expired on February 27, 2025. TSXV also blocked ILC from providing working capital to extend the option. The Karibib project, significant for its lithium and rubidium resources, was at the definitive feasibility study stage in 2020.
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ILC Critical Minerals Ltd. faced a setback as its acquisition of the Karibib lithium project was blocked by the Toronto Venture Exchange (TSXV), which did not approve ILC's option to purchase shares of Lepidico Mauritius, owner of 80% of the project. The option expired on February 27, 2025.
TSXV's refusal also prevented ILC from extending the option by providing working capital to Lepidico. The Karibib project is notable for its lithium and the largest rubidium resource in Africa, having reached the definitive feasibility study stage in 2020. Lepidico, the project's owner, suspended operations in 2024 and entered liquidation in July.
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