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Canada Lithium Corp. (formerly Black Pearl Minerals Consolidated Inc.): Canada Lithium Corp. Settles Debt and Grant Options

^{Published on 2009-01-16 12:55:32, Last Modified on 2009-01-16 12:56:02 - Market Wire}
 

TORONTO, ONTARIO--(Marketwire - Jan. 16, 2009) - Canada Lithium Corp. (the "Company") (TSX VENTURE:CLQ)(TSX VENTURE:BLK) announces that it has settled an aggregate of $20,000 of indebtedness by the issuance of 200,000 common shares to Judy Baker, a director, President and CEO of the Company.

The Company has also granted an aggregate of 5,000,000 options to purchase common shares of the Company exercisable at a price of $0.15 per share for a period of five years, to certain directors, officers and consultants of the Company.

Completion of the debt settlement and the grant of options is subject to regulatory approval, including satisfaction of the requirements of the TSX Venture Exchange.

The Company also wishes to correct certain information stated in its press release of January 5, 2009. The Company has paid an aggregate of $18,680 in finder's fees and has issued warrants to purchase up to 220,500 shares at an exercise price of $0.15 per share for a period of two years to Octagon Capital Corporation, Canaccord Capital Corporation and other individuals in connection with the recently completed private placement.

The common shares issued and issuable upon exercise of the options and warrants are subject to a four month hold period from the original date of grant.

Shares Outstanding: 87,877,801

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.