cnw






/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR RELEASE,
PUBLICATION, DISTRIBUTION OR DISSEMINATION DIRECTLY, OR INDIRECTLY, IN
WHOLE OR IN PART, IN OR INTO THE UNITED STATES./




TSX: CLQ; U.S. OTC: CLQMF


TORONTO, Jan. 31 /CNW Telbec/ - Canada Lithium Corp. ("Canada Lithium"
or the "Company") (TSX: CLQ; U.S. OTC: CLQMF) is pleased to announce
that it has closed its previously announced bought-deal equity
financing for aggregate gross proceeds of approximately $110.0
million. A syndicate of underwriters, co-led by Scotia Capital Inc.
and Macquarie Capital Markets Canada Ltd., and including Casimir
Capital Ltd., Cormark Securities Inc., Dundee Securities Corporation
and Jacob Securities Inc. (collectively, the "Underwriters") purchased
73,350,000 common shares of Canada Lithium at a price of $1.50 per
common share (the "Offering Price"). The Underwriters have an option
to purchase up to an additional 11,002,500 common shares at the
Offering Price until 30 days after the closing of the offering for
additional gross proceeds of up to approximately $16.5 million.


The securities offered have not been, and will not be, registered under
the U.S. Securities Act of 1933, as amended (the "U.S. Securities Act")
or any U.S. state securities laws, and may not be offered or sold in
the United States or to, or for the account or benefit of, United
States persons absent registration or any applicable exemption from the
registration requirements of the U.S. Securities Act and applicable
U.S. state securities laws. This press release shall not constitute an
offer to sell or the solicitation of an offer to buy securities in the
United States, nor shall there be any sale of these securities in any
jurisdiction in which such offer, solicitation or sale would be
unlawful.


About Canada Lithium Corp.


Canada Lithium Corp. is a Canadian-based "clean tech" mine developer
trading under the symbol CLQ on the TSX and on the U.S. OTCQX market
under the symbol CLQMF. The Company has completed a definitive
Feasibility Study (FS) on its Quebec Lithium Project near Val d'Or, the
geographical heart of the Quebec mining industry. The Company has an
agreement with Japanese metals trading firm, Mitsui and Co. Ltd., to
market a portion of the Company's product in China, Korea and Japan.
Metallurgical tests from deposit samples have produced 99.9%
battery-grade lithium carbonate