Canada Lithium receives $10-million bridge loan

TORONTO, CANADA: Canada Lithium Corp. announced that it has received a bridge loan of $10 million in connection with the Arrangement Agreement entered with Sirocco Mining Inc. on December 4, 2013.

The loan will bear interest of 11 percent per annum and CLQ will use the proceeds for operating and capital expenditures in the ordinary course of its business and for working capital.

Canada Lithium has also reached an agreement with its Lenders to reschedule the principal repayment due December 31, 2013 under its April 4, 2012 Credit Agreement. This will better align the company's loan repayment schedule with the revised production and delivery schedule for lithium carbonate and its anticipated cash flow. The company continues to monitor working capital levels.