Colonnade Capital Corp.

November 25, 2009 08:00 ET

Colonnade Terminates Letter Agreement With Next Lithium Corp.

TORONTO, ONTARIO--(Marketwire - Nov. 25, 2009) - Colonnade Capital Corp. (TSX VENTURE:COO.P) (the "Company" or "Colonnade"), a capital pool company, previously announced on August 24, 2009 that it entered into a Letter Agreement (the "Letter Agreement") with Next Lithium Corp. ("Next Lithium") whereby the Company was granted the right of first refusal (the "ROFR") to acquire interests in any natural resource projects identified by Next Lithium. Pursuant to the Letter Agreement, Colonnade agreed to advance, as a refundable deposit, $25,000 (the "Deposit") to Next Lithium. In the event that the ROFR is not exercised within 90-days of the date of the Letter Agreement, Next Lithium shall repay the Deposit to the Company.

Pursuant to the terms of the Letter Agreement, the Company has decided not to exercise its ROFR and has elected to pursue other opportunities, a number of which are currently being evaluated, in the energy and precious metals sectors. In accordance with the termination provisions of the Letter Agreement, Next Lithium will repay the Deposit to the Company.

Colonnade Capital has 4.5 million shares issued and outstanding.

Investors are cautioned that, except as disclosed in the management information circular or filing statement to be prepared in connection with the transaction, any information released or received with respect to the transaction may not be accurate or complete and should not be relied upon. Trading in the securities of a capital pool company should be considered highly speculative.

The TSX Venture Exchange Inc. has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this press release.

Contact Information

  • Colonnade Capital Corp.
    Richard Kehmeier
    (484) 832-5988