Western Lithium USA Corporation

Western Lithium USA Corporation

June 09, 2015 11:18 ET

Western Lithium Announces the Closing of Bought Deal Offering

RENO, NEVADA--(Marketwired - June 9, 2015) -


Western Lithium USA Corporation ("Western Lithium", the "Company") (TSX:WLC)(OTCQX:WLCDF) is pleased to announce that today it has closed the previously-announced bought deal offering with Dundee Securities Ltd., on behalf of a syndicate including Haywood Securities Inc. (together, the "Underwriters"). The Underwriters exercised the over-allotment option in full, and accordingly, the Company issued an aggregate 11,413,750 units (the "Units") at a price of CDN$0.70 per Unit for aggregate gross proceeds of CDN$7,989,625.

Each Unit consists of one common share ("Share") of the Company and one-half of one common share purchase warrant. Each whole common share purchase warrant ("Warrant") entitles the holder thereof to acquire one Share at a price of CDN$0.90 for a period of 24 months following the closing of the Offering. The Units were offered in all provinces of Canada (except Quebec) by way of a short form prospectus.

This news release does not constitute an offer of securities for sale in the United States. The securities being offered have not been, nor will they be, registered under the Unites States Securities Act of 1933, as amended, and such securities may not be offered or sold within the United States absent U.S. registration or an applicable exemption from U.S. registration requirements.

About the Company

The Company is developing its Kings Valley, Nevada, lithium deposit into a strategic, scalable and reliable source of high quality lithium products. The Company is positioning itself as a major U.S.-based supplier to support the rising global demand for lithium that is expected from the increased use of hybrid/electric vehicles, consumer electronics, and consumer and industrial lithium battery storage applications. In addition, Western Lithium is pursuing the opportunity to be a supplier of specialty drilling additive, Hectatone™ and potentially other organoclays for the oil and gas and other industries.

Forward-looking statements

Statements in this release that are forward-looking information are subject to various risks and uncertainties concerning the specific factors disclosed here and elsewhere in the company's periodic filings with Canadian securities regulators. When used in this document, the words such as "expected," "believe," "intends," "pursuing" and similar expressions is forward-looking information. Information provided in this document is necessarily summarized and may not contain all available material information.

All such forward-looking information and statements are based on certain assumptions and analyses made by Western Lithium management in light of their experience and perception of historical trends, current conditions and expected future developments, as well as other factors management believes are appropriate in the circumstances. These statements, however, are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking information or statements. Important factors that could cause actual results to differ from these forward-looking statements include those described under the heading "Risks Factors" in the Company's most recently filed MD&A. The Company does not intend, and expressly disclaims any obligation to, update or revise the forward-looking information contained in this news release, except as required by law. Readers are cautioned not to place undue reliance on forward-looking information or statements.

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