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Canada Lithium Announces $20 M Bought-Deal Financing; Shares Down Nearly 8% at Midday

Canada Lithium Corp. (CLQ.TO) has entered into an agreement with a syndicate of underwriters led by Casimir Capital Ltd. to purchase, on a bought-deal basis, 27,397,260 common shares of Canada Lithium at a price of $0.73 per common share for aggregate gross proceeds of approximately $20 million. CLQ has also granted the Underwriters an option to purchase up to an additional 4,109,589 common shares at the Offering Price, for additional gross proceeds of up to approximately $3 million.

The Company will use the proceeds to fund initial stages of several previously announced capital projects, for working capital and general corporate purposes.

CLQ is down 6 cents (7.89%) to 70 cents at midday. Close to 4.1 million shares have been traded, making it the third most active on the TSX.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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