Business
Rock Tech Amends and Closes Option Agreement on Boston Lake Claims in Thunder Bay Mining District
Rock Tech Amends and Closes Option Agreement on Boston Lake Claims in Thunder Bay Mining District...
About this update from Rock Tech Lithium Inc.
[{"type":"text","content":"\n \n \n \n Rock Tech Amends and Closes Option Agreement on Boston Lake Claims in Thunder Bay Mining District\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n \n VANCOUVER, BC\n \n \n ,\n \n \n July 11, 2023\n \n \n /CNW/ -\n \n Rock Tech Lithium Inc.\n \n (TSXV: RCK) (OTCQX: RCKTF) (FWB: RJIB) (WKN: A1XF0V)\n \n (the \"Company\" or \"Rock Tech\") announces that, further to its press release issued on\n \n May 25, 2023\n \n , the TSX Venture Exchange (the \"TSX:V\") pre-approved the option agreement, as amended on\n \n June 29, 2023\n \n , (the \"Agreement\"), following which the Company has been granted the option to acquire a 100% undivided interest in the unpatented mining claims associated with the property of in total 6,150 hectares in the Thunder Bay Mining District of\n \n Ontario\n \n (the \"Boston Lake Claims\").\n \n \n \n During the three-year term of the Agreement, Rock Tech will make annual cash payments totaling\n \n 175,000 CAD\n \n and must incur aggregated exploration expenditures in the amount of\n \n 350,000 CAD\n \n in stages.\n \n \n Concurrent with the cash payments, Rock Tech will issue in total a maximum of 88,361 common shares in the capital of the Company, on which the first tranche of up to 12,623 shares or the value of\n \n 25,000 CAD\n \n will be issued upon receipt of the regulatory approval of the terms of the Agreement.\n \n \n The Agreement provides for a payment of 2 % net smelter return royalties (NSR) equalling to 2 % of the net value of products mined and removed from the property to the optionor. Provided by the terms of the Agreement, Rock Tech has the right at any time to purchase from the optionor 1% of the 2% royalties by way of a one-time payment of\n \n 1,000,000 CAD\n \n .\n \n \n On behalf of the Board of Directors,\n \n \n \n Dirk Harbecke\n \n \n \n Chairman & CEO\n \n \n \n ABOUT ROCK TECH\n \n \n \n Rock Tech is a cleantech company with operations in\n \n Canada\n \n and\n \n Germany\n \n on a mission to produce lithium hydroxide for electric vehicle ba...