TORONTO, ONTARIO -- (Marketwire) -- 07/16/10 -- Canada Lithium Corp. (TSX: CLQ)(OTCQX: CLQMF)(PINK SHEETS: CLQMF) (the "Company") announces that the TSX has conditionally approved the consolidation and stock split of its issued share capital, the implementation of which will result in the elimination of all shareholdings of less than 100 shares (the "Small Shareholdings") in exchange for a cash payment. This transaction was approved by the shareholders of the Company at its annual and special meeting of shareholders held on May 20, 2010.
The Small Shareholdings will be acquired through a consolidation of the common shares on a 1 for 100 basis effective at 12:01 a.m. on Sunday, July 18, 2010, the cancellation of fractional shares, and the subsequent split of the remaining shares on a 100 for 1 basis effective at 12:01 a.m. on Monday, July 19, 2010. Shareholders whose shares are cancelled pursuant to this process will be entitled to receive a cash payment equal to the number of pre-consolidation common shares held by such holder multiplied by the volume weighted average trading price per pre-consolidation common share on the TSX during the five consecutive trading days ending on and including the trading day immediately prior to July 18, 2010.
There will be no change to the Company's stock symbol on completion of the consolidation and stock split.
About Canada Lithium Corp.
Canada Lithium Corp. is a Canadian-based resource and exploration company trading under the symbol CLQ on the TSX. The Company is currently preparing a Definitive Feasibility Study on the Quebec Lithium Project, which will include environmental, metallurgical, geological and engineering studies. It has an agreement with Japanese metals trading firm, Mitsui and Co. Ltd., to market a portion of Canada Lithium Corp.'s product in China, Korea and Japan. Metallurgical tests have produced battery-grade lithium from deposit samples.
Contacts:
Canada Lithium Corp.
Peter Secker
President and CEO
(416) 361-2821
Canada Lithium Corp.
Olav Svela
Director, Investor Relations
(416) 361-2821
osvela@canadalithium.com
www.canadalithium.com
Renmark Financial Communications Inc.
Christine Stewart
(416) 644-2020
cstewart@renmarkfinancial.com
