Business
Rock Tech Enters into LOI to Acquire 100% Interest in Ontario Lithium Assets
Rock Tech Enters into LOI to Acquire 100% Interest in Ontario Lithium Assets
About this update from American Lithium Corp.
[{"type":"text","content":"\nRock Tech Enters into LOI to Acquire 100% Interest in Ontario Lithium Assets\n\n\n Oct. 20, 2009 (TheNewswire.ca) -- Vancouver, British Columbia, Canada, October 20, 2009 - Rock Tech Resources Inc. (OOTC:RCKTF) (TSXV:RCK) (TSX-Venture: RCK; Frankfurt: RJIA)(the \"Company\" or \"Rock Tech\") is pleased to announce that it has entered into a Letter of Intent (\"LOI\") with arm's length third party vendors namely the shareholders of James Bay Midarctic Developments Inc. - a private Ontario company (\"JBMD\"), and Lithium One Inc. (OOTC:LITHF) (TSXV:LI) (\"Lithium One\")(TSX-Venture: LI), to acquire 100% undivided interest in lithium properties covering approximately 4,665 hectares in northwestern Ontario.Under the LOI, Rock Tech intends to acquire all of the issued and outstanding shares of JBMD and acquire the remaining claims from Lithium One. In consideration, Rock Tech will issue to the shareholders of JBMD and Lithium One an aggregate of 6,300,000 common shares of Rock Tech. Pursuant to the LOI, Rock Tech will issue 300,000 common shares in finder's fees to a third party.Paul Chow, Company President and CEO, commented \"Coupled with our Kapiwak lithium property in the James Bay area in Quebec, this acquisition will strategically identify Rock Tech as an emerging junior lithium exploration company.\"The completion of the above transactions is subject to the approval of the TSX Venture Exchange. The issued common shares of Rock Tech will be subject to a four month hold period. Subject to regulatory approval, the closing of the transactions will be on or about October 30, 2009.ON BEHALF OF THE BOARD OF DIRECTORSPaul ChowPresident and CEOFor more information, please contact:Paul Chow, President and CEORock Tech Resources Inc.Suite 400, 789 West Pender StreetVancouver, B.C., V6C 1H2Telephone: (604) 688-1140Email: [email protected] and Cautionary Statement Regarding Forward-Looking InformationNeither 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 press release. This news release shall not constitute an offer to sell or the solicitation of an offer to buy securities in any jurisdiction.Except for historical information contained herein, the statements in this News Release ma...