Toronto-based specialty metals mining company, Canada Lithium, will raise $110 million from a bought deal financing agreement. The syndicate of underwriters includes Scotia Capital, Macquarie Capital Markets Canada, Jacob Securities, Casimir Capital, Cormark Securities and Dundee Securities. The underwriters will purchase 73.35 million common shares of Canada Lithium at $1.5 per share and have the option to buy another 11 million shares worth $16.5 million. The net proceeds are expected to be used to fund the construction of an open-pit mine and processing plant at its 100%-owned Quebec Lithium Project near Val d’Or.
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