UPDATE: Canada Lithium Revises $20 M Bought-Deal Financing to $13 M; Shares Down 5.6% Mid-Morning
Canada Lithium Corp. (CLQ.TO) reports that it and the syndicate of underwriters led by Casimir Capital Ltd. have agreed to amend and revise the terms of its previously announced public offering of $20 million. Under the revised terms, the Underwriters have agreed to purchase, on a bought deal basis, 17,867,778 units of the Company at a price of $0.73 per Unit, for aggregate gross proceeds of approximately $13 million.
The underwriters have an over-allotment option to purchase additional units up to 15% of the offering.
CLQ will use the proceeds to fund initial stages of several previously announced capital projects, and for working capital and general corporate purposes.
Shares are down 4 cents to 67 cents mid-morning. More than 2.1 million shares have changed hands.
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