FINANCING: Canada Lithium to raise $30-M for Quebec project

QUEBEC – Canada Lithium of Toronto is raising $30 million with which to fund some of the construction at its Quebec lithium project 60 km north of Val d’Or. The company will issue 83.3 million common shares priced at $0.36 each. The sales agents, led by Scotia Capital and Casimir Capital, have also been granted an over allotment option of an additional 12.5 million shares.

Canadian Lithium is developing the former Quebec Lithium property for open pit production and building a spodumene processing plant at the site. Production of the first lithium carbonate is targeted for Q1 2013.

The latest site construction pictures are available at CanadaLithium.com/s/PhotoGallery.asp.