OTCQX:SREMF - Post by User
Post by
ReindeerBreathon Dec 24, 2013 7:00am
139 Views
Post# 22035584
ELEVEN PERCENT
ELEVEN PERCENT Canada Lithium Receives $10-Million Bridge Loan
TSX: CLQ; U.S. OTC: CLQMF
TORONTO, Dec. 24, 2013 /CNW Telbec/ - Canada Lithium Corp. ("Canada Lithium" or the "Company") (TSX: CLQ) (U.S. OTC: CLQMF) announced today that it has received a bridge loan of $10 million in connection with the Arrangement Agreement entered with Sirocco Mining Inc. on December 4, 2013. The loan will bear interest of 11% per annum and CLQ will use the proceeds for operating and capital expenditures in the ordinary course of its business and for working capital. (Please see the Press Release "Sirocco and Canada Lithium Combining to Form Strategic International Competitor in Growth-Oriented Industrial Minerals Sector", dated December 4, 2013 and available on SEDAR www.sedar.com or the Canada Lithium website www.canadalithium.com).
Canada Lithium has also reached an agreement with its Lenders to reschedule the principal repayment due December 31, 2013 under its April 4, 2012 Credit Agreement. This will better align the Company's loan repayment schedule with the revised production and delivery schedule for lithium carbonate and its anticipated cash flow. The Company continues to monitor working capital levels.