Canada Lithium Announces $12.5 Million Bought Deal

Canada Lithium Corp. (TSX:CLQ, OTCQX:CLQMF) has entered into an agreement with Dundee Securities Ltd. to purchase on a “bought deal” basis by way of short form prospectus, 5,210,000 flow-through common shares and 25,000,000 units of Canada Lithium subject to all required regulatory approval at a price per Flow-Through Share of $0.48 for gross proceeds of $2,500,800 and a price per Unit of $0.40for gross proceeds of $10,000,000.

According to the company’s press release:

The gross proceeds from the Flow-Through Shares will be used to incur Canadian Exploration Expenses (within the meaning of the Income Tax Act (Canada)) on the Issuer’s projects and will be renounced with an effective date of no later than December 31, 2013. The net proceeds of the Units will be used to advance exploration, development and for general working capital purposes.

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