Western Lithium USA Corporation
TSX VENTURE : WLC

Western Lithium USA Corporation

April 22, 2009 13:54 ET

Western Lithium Announces Amended Terms for Private Placement

VANCOUVER, BRITISH COLUMBIA--(Marketwire - April 22, 2009) -

NOT FOR DISTRIBUTION TO US NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

Western Lithium Canada Corporation (the "Company") (TSX VENTURE:WLC) announces that due to market conditions it has amended the terms of its previously announced private placement (press release dated April 7, 2009). The Company now proposes to issue up to 10,000,000 units (the "Units") at a price of $0.50. Each Unit will be comprised of one common share and one common share purchase warrant. Each warrant will entitle the holder to purchase an additional common share for a period of 2 years at a price of $0.60. The Company has engaged Haywood Securities Inc. ("Haywood") to act as agent for the offering and has agreed to pay Haywood a cash commission equal to 6% of the gross proceeds of the private placement. The Company will also issue to Haywood that number of agent's warrants as is equal to 6% of the number of Units sold. Each agent's warrant will entitle Haywood to purchase one common share for a price of $0.60 for a period of 12 months. All of the securities issued pursuant to the private placement will be subject to a hold period expiring four months and a day after the closing date.

The closing of the sale of the Units is expected to occur on or about April 30, 2009 and is subject to the approval of the TSX Venture Exchange.

Proceeds of the private placement will be used to fund ongoing engineering and development studies for the Company's lithium project in Nevada, including additional drilling of the lithium deposit to conform to National Instrument 43-101 requirements, and for general corporate purposes.

Western Lithium is developing the Kings Valley, Nevada lithium deposit into potentially one of the world's largest strategic, scalable and reliable sources of battery grade lithium carbonate. The company is positioning itself as a U.S.-based supplier to support the rising global demand for lithium carbonate that is expected from the increased use of mobile electronics and hybrid/electric vehicles.

Forward Looking Statements

Certain of the statements made and information contained herein is "forward-looking information" within the meaning of the Ontario Securities Act. Forward-looking information is subject to a variety of risks and uncertainties which could cause actual events or results to differ from those reflected in the forward-looking information. Accordingly, readers are advised not to place undue reliance on forward-looking information.

The TSX Venture Exchange has neither approved or disapproved of the contents of this press release. Neither the 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 press release.

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