Canada Lithium raises C$110m for Quebec project

11 January 2011 14:17  [Source: ICIS news]

TORONTO (ICIS)--Canada Lithium is raising Canadian dollar (C$) 110m ($111m) to develop a lithium project in Quebec province and to boost its working capital, the mine developer said on Tuesday.

Canada Lithium said a syndicate of underwriters, co-led by Scotia Capital and Macquarie Capital Markets, had agreed to buy 73.3m of its common shares at a price of C$1.50.

The company is developing an open-pit mine and processing plant near Val d'Or, about 500km (311 miles) northwest of Montreal.

It plans to start producing 20,000 tonnes/year of lithium carbonate by the end of 2012, to supply battery markets for electric vehicles in Asia, North America and Europe, CEO Peter Secker said last month.

Last year, German specialty chemicals firm Sud-Chemie announced a lithium iron phosphate project in Quebec.

($1 = C$0.99)

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By: Stefan Baumgarten
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