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.