TUCSON, Ariz., March 15, 2012 (GLOBE NEWSWIRE) -- Pan American Lithium Corp.'s (the "Company" or "Pan American") (TSX-V:PL) (OTCBB:PALTF) (OTCQB:PALTF) http://www.panamericanlithium.com/ is pleased to announce that it has entered into a non-brokered private placement for the sale of 500,000 common shares of the Company (each, a "Share") at $0.07 per Share to raise CDN$35,000. The proceeds will be used for working capital purposes.
The Company has provided POSCO Canada Ltd. ("POSCO") with notice of this private placement pursuant to POSCO's pre-emptive right contained in the subscription agreement dated August 23, 2011. POSCO may exercise this right to acquire such number of shares as to maintain its current percentage of the issued and outstanding Shares until March 24, 2012. If POSCO exercises this right, the Company will issue a subsequent news release announcing the placement by POSCO.
On Behalf of the Board,
PAN AMERICAN LITHIUM CORP.
/s/ Andrew Brodkey
Andrew A. Brodkey
President and CEO
Neither 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 release.