Canada Lithium Closes $14.4-Million Bought Deal Public Offering

Canada Lithium Corp. (TSX:CLQ,OTC:CLQMF) closed a bought deal public offering for aggregate gross proceeds of approximately $14.4 million. A total of 5,991,500 flow-through shares and 28,750,000 units were issued at a price of $0.48 per FT Share and $0.40 per Unit.

According to the company’s press release:

The Company intends (i) to use the gross proceeds of the offering of FT Shares to incur Canadian exploration expenses (within the meaning of the Income Tax Act (Canada)), which amount will be incurred up to and untilDecember 31, 2013, and (ii) to use the net proceeds of the offering of Units for working capital and general corporate purposes to complete the commissioning phase of the processing plant.

Click here to view the full release.