Taking into account the definition of ionic bond, Li loses 1 valence electron and becomes a positive ion and Cl gains 1 valence electron and becomes a negative ion.
An ionic bond is a type of chemical bond that occurs when one atom gives up an electron to the other, in order for both to achieve electronic stability.
This union normally occurs between metal and nonmetal elements with different electronegativity, which means that the elements have different capacity to attract electrons.
In other words, an ionic bond is produced between metallic and non-metallic atoms, where electrons are completely transferred from one atom to another. During this process, one atom loses electrons and another one gains them, forming ions. Usually, the metal gives up its electrons forming a cation to the nonmetal element, which forms an anion.
Li is a metal, while Cl is a nonmetal. Considering the definition of ionic bond, the Li gives up its electrons forming a cation to the Cl, which forms an anion.
In summary, Li loses 1 valence electron and becomes a positive ion and Cl gains 1 valence electron and becomes a negative ion.
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