Key Developments: Canada Lithium Corp (CLQMF.PK)
0.51USD
23 May 2013
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Latest Key Developments (Source: Significant Developments)
Canada Lithium Corp Completes Offering Of $27.6 Million Convertible Unsecured Subordinated Debentures Due 2018
Canada Lithium Corp announced that it has completed its previously announced private placement, including the exercise in full of the underwriters' option, of convertible unsecured subordinated debentures due 2018, which were issued at par at a price of $1,000 per Debenture for gross proceeds to the Company of $27,556,000. The Offering was completed through a syndicate of underwriters co-led by Dundee Securities Ltd. and Primary Capital Inc., and including Jones Gable & Company Limited. The Company intends to use the net proceeds from the Offering for working capital and general corporate purposes. Full Article
Canada Lithium Corp Announces Grant Of Option To Upsize Convertible Unsecured Subordinated Debenture Financing
Canada Lithium Corp announced that, in connection with the convertible unsecured subordinated debenture financing previously announced on April 29, 2013, the Company has granted to Dundee Securities Ltd., on behalf of a syndicate of underwriters including Primary Capital Inc., as co-lead underwriter, and Jones, Gable & Company Limited (collectively, the Underwriters), an option (the Option) to purchase an additional 6,446 convertible unsecured subordinated debentures of the Company (the Debentures) at a price of $1,000 per Debenture. The Option is exercisable in whole or in part, in the sole discretion of the Underwriters, at any time up to the closing of the private placement. If the Option is exercised in full, gross proceeds to the Company from the offering would be $27,556,000 (the Offering). These additional Debentures are being offered and would be issued on the same terms as set forth in the April 29, 2013 press release regarding the private placement of the Debentures. The Company intends to use the net proceeds from the Offering for working capital and general corporate purposes. Full Article
Canada Lithium Corp Announces $21.1 Million Convertible Debenture Bought Deal Financing
Canada Lithium Corp announced that it has entered into an agreement with Dundee Securities Ltd. on behalf of a syndicate of underwriters including Primary Capital Inc., as co-lead underwriter, and Jones, Gable & Company Limited (collectively, the Underwriters) to purchase, on a bought deal private placement basis, 21,110 convertible unsecured subordinated debentures of the Company (the Debentures) which will be issued at par at a price of $1,000 per Debenture for gross proceeds to the Company of $21,110,000 (the Offering). The Company intends to use the net proceeds from the Offering for working capital and general corporate purposes. Full Article
Canada Lithium Corp Announces Appointment Of Chief Financial Officer
Canada Lithium Corp announced that Halina McGregor, Vice President, Finance, has been appointed Chief Financial Officer (CFO). Ms. McGregor assumes the CFO position formerly held by Germaine Coombs, who served as CFO during the Company's transitional phase from exploration company to mine developer. Full Article
Canada Lithium Corp Completes $15 Million Offering
Canada Lithium Corp announced that it has closed its previously announced public offering for aggregate gross proceeds of approximately $15 million (the Offering). A total of 20,547,944 units (Units) (including 2,680,166 Units issued pursuant to the exercise in full by the underwriters of the over-allotment option) were issued at a price of $0.73 per Unit. The Offering was led by Casimir Capital Ltd., with a syndicate that included Mackie Research Capital Corporation, Dundee Securities Ltd., Scotia Capital Inc. and Fraser Mackenzie Limited. Each Unit consisted of one common share of the Company and one-half of one common share purchase warrant (each whole warrant, a Warrant). Each Warrant is exercisable for a period of two years following the closing of the Offering at an exercise price of $0.85. The Company intends to use the net proceeds of the Offering to fund the initial stages of several previously announced capital projects, to conduct preliminary bench-scale pilot plant work and preliminary engineering in the context of a feasibility study for its lithium metal pilot plant and for working capital purposes during the commissioning stages of the Québec Lithium Project. Full Article
Canada Lithium Corp Revises Bought-Deal Financing to $13 Million of Units
Canada Lithium Corp announced that the Company and the syndicate of underwriters led by Casimir Capital Ltd. have agreed to amend and revise the terms of its previously announced public offering. Under the revised terms, the Underwriters have agreed to purchase, on a bought deal basis, 17,867,778 units of the Company (the Units), at a price of $0.73 per Unit, for aggregate gross proceeds of approximately $13 million (the Offering), by way of a short form prospectus. Each unit will consist of one common share of Canada Lithium and one half of one common share purchase warrant (each whole warrant, a Warrant). Each Warrant will be exercisable for a period of 2 years following the closing of the Offering at an exercise price of $0.85 per Warrant. The Company has granted the underwriters an over-allotment option to purchase additional Units up to 15% of the Offering, for a period of 30 days following the closing. The Company will use the proceeds to fund initial stages of several previously announced capital projects, and for working capital and general corporate purposes. Full Article
Canada Lithium Corp Arranges $20 Million Financing-Canada Stockwatch News
Canada Stockwatch News reported that Canada Lithium Corp. has entered into an agreement with a syndicate of underwriters led by Casimir Capital Ltd., and including Mackie Research Capital Corp., Scotia Bank Ltd., Dundee Securities Ltd. and Fraser Mackenzie Ltd., to purchase, on a bought-deal basis, 27,397,260 common shares of Canada Lithium at a price of 73 cents per common share for aggregate gross proceeds of approximately $20 million. In addition, the Company has granted the underwriters an option to purchase up to an additional 4,109,589 common shares at the offering price, exercisable at any time prior to the 30th day after the closing of the offering, for additional gross proceeds of up to approximately $3-million. The offering is subject to certain conditions, including, but not limited to, the receipt of all necessary regulatory and other approvals, including the approval of the Toronto Stock Exchange and the securities regulatory authorities. The financing is anticipated to close on or about March 25, 2013. The Company will use the proceeds to finance initial stages of several previously announced capital projects, including lithium hydroxide and sodium sulphate circuits, preliminary engineering/design of a lithium metal pilot plant, a natural gas pipeline, and for working capital and general corporate purposes. Full Article
Canada Lithium Corp Announces Senior Management Appointment
Canada Lithium Corp announced that Chief Operating Officer Charles Taschereau has been appointed President of the Company. Full Article
Canada Lithium Corp Signs Off-take Agreement With Marubeni For Up To 5,000 Tonnes Per Year Of Lithium Carbonate
Canada Lithium Corp announced it has signed a three-year Distributorship Agreement with Marubeni Corporation, one of Japan's commodities trading companies. The Agreement provides for Marubeni to exclusively distribute Canada Lithium's battery-grade lithium carbonate in Japan for an initial three-year period beginning in 2013, with the option to extend the Agreement for a subsequent three-year term commencing in 2016. Under the terms of the Agreement, Marubeni will purchase a minimum 2,000 tonnes of lithium carbonate in 2013. It holds an option to increase the off-take to 5,000 tonnes by 2015. The first shipment to Marubeni will commence in July 2013. Marubeni will purchase the lithium products Free on Rail (FOR) in Val d'Or, Québec. Full Article
Canada Lithium Corp Completes Over-Allotment Option
Canada Lithium Corp announced today that it has completed the sale of an additional 4,950,767 common shares at a price of $0.36 per common share for additional gross proceeds of approximately $1,782,276, pursuant to the partial exercise of the over-allotment option included in the Company's equity financing that closed on May 30, 2012. The exercise of the over-allotment option brings the total number of common shares sold by the Company pursuant to its equity financing to 88,284,100 common shares and the total gross proceeds to approximately $31,782,276. Full Article
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