Pan American Lithium CEO Expresses Confidence in the Company's Plans and Projects Company is Well-Positioned to Meet Growing ...
January 17 2012 - 11:40AM
Pan American Lithium Corp.'s (the "
Company" or
"
Pan American") (TSX-V:PL) (OTCQB:PALTF)
(http://www.panamericanlithium.com/) President and Chief Executive
Officer, Andrew Brodkey, has expressed confidence in the Company's
plans and projects following a recently announced, non-brokered
private placement.
The non-brokered private placement, which closed on January 16,
2012, was for the sale of 1,000,000 common shares of the Company to
Mr. Brodkey at $0.06 per share to raise $60,000. The proceeds will
be used for working capital purposes. In Canada, the common shares
are subject to a four-month hold period expiring May 17, 2012.
"The private placement helps the Company to continue moving
forward on our goal to seize the next wave in mineral exploration
and production of lithium," Brodkey said. "Demand for lithium has
increased dramatically in recent years for applications such as
lithium ion batteries to power a vast array of electronic devices
and for electric vehicles."
"We believe that our Company is well-positioned to help meet the
coming demand for lithium," Brodkey said. "Pan American owns
interests in 11 salars, mineral-rich brine lakes, with the
potential to produce lithium, potassium and other metals, all
located in the mineral-rich Atacama Region III of Chile."
In addition, Pan American has entered into a strategic
relationship with POSCO, the fourth-largest steel producer in the
world, which took a 19.9% equity position in Pan American in
September 2011. POSCO is a publicly traded Korean conglomerate with
a focus on the production and sale of steel and steel products.
Pan American also has interests in additional lithium projects,
including an option on a concession in the geothermal brines
currently being produced at the Cerro Prieto geothermal power plant
located in Baja California, Mexico.
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) the
Company's goal is to seize the next wave in mineral
exploration and production of lithium and (ii)we believe that our
Company is well-positioned to help meet the coming demand for
lithium. 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) adverse market conditions; (ii) a
decrease in demand for and price of lithium; and (iii) 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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