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TSX: CLQ; U.S. OTC: CLQMF
TORONTO, Jan. 31 /CNW Telbec/ - Canada Lithium Corp. ("Canada Lithium"
or the "Company") (TSX: CLQ; U.S. OTC: CLQMF) is pleased to announce
that it has closed its previously announced bought-deal equity
financing for aggregate gross proceeds of approximately $110.0
million. A syndicate of underwriters, co-led by Scotia Capital Inc.
and Macquarie Capital Markets Canada Ltd., and including Casimir
Capital Ltd., Cormark Securities Inc., Dundee Securities Corporation
and Jacob Securities Inc. (collectively, the "Underwriters") purchased
73,350,000 common shares of Canada Lithium at a price of $1.50 per
common share (the "Offering Price"). The Underwriters have an option
to purchase up to an additional 11,002,500 common shares at the
Offering Price until 30 days after the closing of the offering for
additional gross proceeds of up to approximately $16.5 million.
The securities offered have not been, and will not be, registered under
the U.S. Securities Act of 1933, as amended (the "U.S. Securities Act")
or any U.S. state securities laws, and may not be offered or sold in
the United States or to, or for the account or benefit of, United
States persons absent registration or any applicable exemption from the
registration requirements of the U.S. Securities Act and applicable
U.S. state securities laws. This press release shall not constitute an
offer to sell or the solicitation of an offer to buy securities in the
United States, nor shall there be any sale of these securities in any
jurisdiction in which such offer, solicitation or sale would be
About Canada Lithium Corp.
Canada Lithium Corp. is a Canadian-based "clean tech" mine developer
trading under the symbol CLQ on the TSX and on the U.S. OTCQX market
under the symbol CLQMF. The Company has completed a definitive
Feasibility Study (FS) on its Quebec Lithium Project near Val d'Or, the
geographical heart of the Quebec mining industry. The Company has an
agreement with Japanese metals trading firm, Mitsui and Co. Ltd., to
market a portion of the Company's product in China, Korea and Japan.
Metallurgical tests from deposit samples have produced 99.9%
battery-grade lithium carbonate.
Cautionary Note Regarding Forward-Looking Statements
Certain statements contained herein constitute forward-looking
statements, including statements concerning the anticipated size of the
offering and the anticipated use of proceeds. The Company believes that
the expectations reflected in the forward-looking statements are
reasonable but no assurance can be given that such expectations will
prove to be correct and such forward-looking statements included herein
should not be unduly relied upon. Closing could be delayed if the
Company cannot obtain necessary regulatory approvals within anticipated
timelines and will not be completed unless certain conditions customary
for transactions of this kind are satisfied. The forward-looking
statements included in this press release are made as of the date of
this press release and the Company disclaims any intention or
obligation to update or revise any forward-looking statements, whether
as a result of new information, future events or otherwise, except as
expressly required by applicable securities legislation.
SOURCE CANADA LITHIUM CORP.
For further information:
Peter Secker, President and CEO (416) 361-2821
Olav Svela, Director, Investor Relations (416) 361-2821 or (416) 479-4355 or email firstname.lastname@example.org
Christine Stewart, Renmark Financial Communications Inc. (416) 644-2020 or email email@example.com
Please visit the Canada Lithium website at www.canadalithium.com.
Corporate Office: 401 Bay Street, Suite 2010, P.O. Box 118, Toronto, ON, M5H 2Y4