Pan American Lithium Corp. Announces 1 Million Share Non-Brokered Private Placement
January 03 2012 - 1:27PM
Pan American Lithium Corp. (TSX-V:PL) (OTCBB:PALTF) (the
"
Company") is pleased to announce that it has
arranged a non-brokered private placement for the sale of 1,000,000
common shares of the Company (the "
Shares") to
Andrew Brodkey, the Company's President and Chief Executive
Officer, at [C$0.06] per Share, to raise C$60,000 (the
"
Offering"). Proceeds from the Offering will be
used for working capital purposes. The Company anticipates that the
closing of this Offering will occur on or before January 7, 2012.
The Company has provided POSCO Canada Ltd.
("POSCO") with notice of this private placement
pursuant to POSCO's preemptive right contained in the subscription
agreement dated August 23, 2011. POSCO may exercise this right to
acquire such number of shares as to maintain its current percentage
of the issued and outstanding Shares.
On Behalf of the Board,
PAN AMERICAN LITHIUM CORP.
/s/ Andrew Brodkey |
Andrew A. Brodkey |
President and CEO |
This press release contains projections and forward-looking
information that involve various risks and uncertainties regarding
future events. Such forward-looking information can include without
limitation statements based on current expectations involving a
number of risks and uncertainties and are not guarantees of future
performance of the Company, such as the statements that: (i)
proceeds from the Offering will be used for working capital
purposes and (ii) the Company anticipates that the closing of this
Offering will occur on or before January 7, 2012. There are
numerous risks and uncertainties that could cause actual results
and the Company's plans and objectives to differ materially from
those expressed in the forward-looking information, including: (i)
inability of the Company to close the Offering for any reason; (ii)
adverse market conditions; (iii) a decrease in demand for and price
of lithium; and (iv) general uncertainties with respect to mineral
exploration in general. Actual results and future events could
differ materially from those anticipated in such information. These
and all subsequent written and oral forward-looking information are
based on estimates and opinions of management on the dates they are
made and are expressly qualified in their entirety by this notice.
Except as required by law, the Company does not intend to update
these forward-looking statements.
Neither 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 release.
CONTACT: Jodi Henderson, Corporate Secretary
1-520-989-0032
Email: jhenderson@kriyah.com
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