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Canada Lithium Corp. Closes $110m Financing Deal

By Joel ScanlonFeb 1 2011

Canada Lithium Corp. is in the middle of a definitive feasibility study on its Quebec Lithium project located near Val d'Or in the geographic heart of the Quebec mining industry.

On Monday the company announced that it had closed a $110 million financing deal which had been previously announced.

73.35 million common shares of Canada Lithium were purchased by a syndicate of underwriters at a price of $1.50 per share. The syndicate was led by Scotia Capital and Macquarie Capital Markets. They had also been given an option to buy an additional 11 million common shares at the offering price for a 30 day period from closing the deal. If they take up the offer it would mean additional gross proceeds of $16.5 million for the company which it could use to develop its primary project.

Their flagship project would be the Quebec Lithium project where metallurgical tests have produced 99.9 % lithium carbonate which can be used to make batteries. Canada Lithium has a standing agreement with Mitsui and Co of Japan to market a portion of the firm’s production in China, Korea and Japan.

Written by

Joel Scanlon

Joel relocated to Australia in 1995 from the United Kingdom and spent five years working in the mining industry as an exploration geotechnician. His role involved utilizing GIS mapping and CAD software. Upon transitioning to the North Coast of NSW, Australia, Joel embarked on a career as a graphic designer at a well-known consultancy firm. Subsequently, he established a successful web services business catering to companies across the eastern seaboard of Australia. It was during this time that he conceived and launched News-Medical.Net. Joel has been an integral part of AZoNetwork since its inception in 2000. Joel possesses a keen interest in exploring the boundaries of technology, comprehending its potential impact on society, and actively engaging with AI-driven solutions and advancements.

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Scanlon, Joel. (2019, March 19). Canada Lithium Corp. Closes $110m Financing Deal. AZoMining. Retrieved on November 24, 2024 from https://www.azomining.com/News.aspx?newsID=2898.
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Scanlon, Joel. "Canada Lithium Corp. Closes $110m Financing Deal". AZoMining. 24 November 2024. <https://www.azomining.com/News.aspx?newsID=2898>.
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Scanlon, Joel. "Canada Lithium Corp. Closes $110m Financing Deal". AZoMining. https://www.azomining.com/News.aspx?newsID=2898. (accessed November 24, 2024).
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Scanlon, Joel. 2019. Canada Lithium Corp. Closes $110m Financing Deal. AZoMining, viewed 24 November 2024, https://www.azomining.com/News.aspx?newsID=2898.