VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 25, 2009) -
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
Western Lithium Canada Corporation (the "Company") (TSX VENTURE:WLC) is pleased to announce that it has agreed to increase the size of the previously announced best efforts private placement offering (the "Offering") by 1,476,000 units. The Company now proposes to issue an aggregate of up to 17,476,000 units (the "Units") at a price of $0.95 per Unit for aggregate gross proceeds to the Company of up to $16,602,200. The Offering was previously announced in a news release issued by the Company on September 2, 2009. Each Unit will be comprised of one common share and one-half of a common share purchase warrant. Each whole warrant will entitle the holder thereof to purchase an additional common share for a period of eighteen months at a price of $1.25 per warrant. GMP Securities L.P., Byron Capital Markets and Haywood Securities Inc. are co-lead agents for the Offering.
The closing of the sale of the Units is expected to occur on or about October 7, 2009 and is subject to the approval of the TSX Venture Exchange. All of the securities issued pursuant to the private placement will be subject to a hold period expiring four months and a day after the closing date.
Proceeds of the private placement will be used to fund ongoing engineering and development studies for the Company's lithium project in Nevada, including additional drilling of the lithium deposit to conform to National Instrument 43-101 requirements, and for general corporate purposes.
About Western Lithium
Western Lithium is developing the Kings Valley, Nevada lithium deposit into potentially one of the world's largest(1) strategic, scalable and reliable sources of high quality lithium carbonate. The Company is positioning itself as a major U.S.-based supplier to support the rising global demand for lithium carbonate that is expected from the increased use of mobile electronics and hybrid/electric vehicles.
(1) Western Lithium has completed a National Instrument 43-101 resource estimate for the envisioned initial stage of development. The current resources are part of the historical estimate of 11 million tonnes of lithium carbonate equivalent (LCE) prepared by Chevron Resources and ranks in size behind deposits in Chile (32 million tonnes LCE), Bolivia (29 million tonnes LCE), North Carolina (14 million tonnes LCE) and the DRC (12 million tonnes LCE). Source: Roskill Information Services Ltd., R. Keith Evans, National Research Council and Western Lithium estimates. A qualified person has not done sufficient work to classify the historical estimate as current mineral resources under National Instrument 43-101, the Company is not treating the historical estimate as current mineral resources and the historical estimate should not be relied upon.
Forward Looking Statements
Certain of the statements made and information contained herein is "forward-looking information" within the meaning of the Ontario Securities Act. Forward-looking information is subject to a variety of risks and uncertainties which could cause actual events or results to differ from those reflected in the forward-looking information. Accordingly, readers are advised not to place undue reliance on forward-looking information.
FOR FURTHER INFORMATION PLEASE CONTACT:
Western Lithium Canada Corporation
Cindy Burnett
Investor Relations
604-639-2144
info@westernlithium.com
www.westernlithium.com
The TSX Venture Exchange has neither approved nor disapproved of the contents of this press release. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.
