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"Canada Lithium: Lukewarm response to Mitsui

TORONTO – This is the ever rechargeable story of Canada Lithium (TSX: V.CLQ), the Toronto company that “terminated” its CEO after she negotiated what looked like a top-notch Japan trading pact.
Japan’s Mitsui & Co. just announced it is in “bed” with Canada Lithium, a Toronto company that hopes to develop its Quebec Lithium Project for Asian automobile and battery makers. See release here.
Canada Lithium responded in lukewarm fashion that yes, Mitsui & Co.’s assertion that it has selling rights to Canada Lithium’s potential lithium is true and not really news. The tiny company, once headed by Judy Baker and replaced by Kerry Knoll, said the arrangement with the Japanese trading house was revealed in April. See that release here.
What the flag-nog is going on? One CEO out. Another in. News that is not really news? The lithium stock in Canada trading spurts back to almost its one-year high of 30 cents Canadian or so. CLQ was selling Thursday for 25 cents Canadian.
Judy Baker, “terminated” several weeks ago for no reason that anyone wants to disclose, tells me today she “knows nothing … no, nothing.” I quote her directly.
Kerry Knoll, the new CEO, last time I talked to him had not even been to the mine site in Quebec. That was after the company fired Ms. Baker. Mr. Knoll also had yet to read the documents of Judy Baker’s trading pact with Mitsui, he told me. See story please.
This time, Kerry Knoll is not responding to my questions. Or at least he was not at press time. And of course, please see this story.
Then, tacked to the end of the latest Canada Lithium press release is the fact the company just issued one million stock options to an executive and board member. To whom?
“It looks to me like they are negotiating in the headlines,” Christopher Grove, an executive with another specialty metals company, tantalum mine developer Commerce Resources (TSX: V.CCE), says.
“I don’t think that you can chalk this discrepancy up to translation problems or misunderstandings,” says Mr. Grove, who is well versed in corporate communication techniques. “In total I must say that it seems pretty unusual.”
The CEO of another lithium company, Jay Chmelauskas of Western Lithium (TSX: V.WLC), calls the sparring press releases a “good development. It shows that the Japanese are going to new incremental producers for new supply sources for their hybrid vehicles.”
For sure. And the Chinese. And the Indians. Western Lithium, by the way, is staking its lithium plans to Nevada in the United States. This is why many companies, also including TNR Gold (TSX: V.TNR), are staking claims to lithium brine and lithium rock.
TNR is in Nevada, too – and the company tells me it is having success with China investors.
What is my view of all this? Well, I think Mitsui might have a terrific pact with Canada Lithium – so good that Canada Lithium, under new leadership, might worry about any wiggle room.
Ms. Baker, who raised $3 million for her Canada Lithium and took it from five cents a share to 25 cents or so Canadian, just might have handed Mitsui exclusive marketing rights “without commitment to quantity, price, schedule of product delivery or financing.” (That is language I am borrowing from a good friend in the business of mining contracts.)
Just maybe, Canada Lithium, wanting some kind of bankable interest in its Quebec project so that it could get on radar screens, let Mitsui have a pure and pristine option agreement with few string attached, in favor of Mitsui.
We’ll see. It is on my radar screen. By the way, Mitsui’s press release said Mitsui might take a stake in Canada Lithium to ensure supply of the element and its amazing lithium carbonate properties. This just might explain why the stock is flowing like water these days in flooded trading. Radar screens."