Canada Lithium Gets $10 Mln Bridge Loan

(RTTNews) - Canada Lithium Corp. (CLQ.TO, CLQMF.OB), Tuesday said it received a bridge loan of $10 million pursuant to the Arrangement Agreement entered with Sirocco Mining Inc. on December 4. The loan will bear interest of 11 percent per annum and Canada Lithium will use the proceeds for operating and capital expenditures in the ordinary course of its business and for working capital.

Canada Lithium holds a 100 percent interest in the Québec Lithium Project near Val d'Or, the geographical heart of the Québec mining industry. It has completed construction and is in the commissioning phase of an open-pit mine and on-site processing plant with estimated capacity to produce about 20,000 tonnes of battery-grade lithium carbonate annually.