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lithium chloride or licl is a salt It is an ionic compound because the Lithium atom readily releases its lone valence electron to the chlorine atom thus forming an ionic bond

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An ionic bond is found between a metal and a non-metal, or a cation and anion. The metal always gives electrons away, and the non-metal  always gains electrons. So in the bond for lithium chloride, the lithium ion gives away one electron (giving it a 1+ oxidation number) and the chloride ion takes the electron (giving it a 1- oxidation number) so the chemical formula is written as a 1:1 ratio, since they give and take the same number of electrons. The chemical formula is written as LiCl. This gives you 1 - lithium and 1- chlorine.
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