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UPDATE: Canada Lithium Corp Up Near 3% As Signs Off-Take Agreement With Marubeni

Canada Lithium Corp. (CLQ.TO) is edging closer to a year high 81 cents as it announced it has signed a three-year Distributorship Agreement with Marubeni Corporation, one of Japan's largest 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 Quebec.

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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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