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Canada Lithium Corp. (CLQ-T) has been moving up on big volume today after Bank of Nova Scotia and Caterpillar Financial Services agreed to provide a $75-million, five-year debt facility for the company's Québec Lithium open-pit mine and process plant.
"The agreement looks great," says Matt Gowing of Mackie Research. "[It's] a non-dilutive financing to finish building the mine."
He calls the stock a 'speculative buy' with a $1.00 target
Canada Lithium's stock has risen 6 cents to trade at 75 cents on volume of more than 1.6 million shares.
The debt facility will be supported by a financial guarantee from Quebec's Investissement Québec. In addition to the debt facility, Cat Financial will provide up to $17 million US lease financing for the mobile mining equipment.
Construction of the $207 million mine near Val d'Or, the heart of the Québec mining industry began, last August 2011. The company says its mine and on-site processing plant will eventually be able to produce approximately 20,000 tonnes of battery-grade lithium carbonate and that sales of are set to begin in the first quarter of 2013.