TSX: CLQ; U.S. OTC: CLQMF
TORONTO, Sept. 3, 2013 /CNW Telbec/ - Canada Lithium Corp. ("Canada Lithium" or the "Company") (CLQ.TO) (U.S. OTC: CLQMF) today announced that it is receiving a $5-million pre-payment from Chinese off-take partner Tewoo-ERDC. This pre-payment strengthens the Tewoo/Canada Lithium relationship as the two companies continue to advance their lithium carbonate business in China. The Company and Tewoo are also in discussions about future pre-payments based on further milestone achievements.
The funding from Tewoo will be used for working capital purposes as the company continues to commission the Québec Lithium project located near Val d'Or, Quebec. The previously announced maintenance upgrade is scheduled to re-start processing operations by mid-September, and the Company will subsequently recommence lithium carbonate shipments to Tewoo in China in October. The project is still scheduled to complete commissioning and be at full production by end Q1, 2014.