Business
Rock Tech Lithium Announces C$5 Million Private Placement
Vancouver, BC, Canada - TheNewswire - November 10, 2020 - Rock Tech Lithium Inc. (the "Company" or "Rock Tech") (TSXV:RCK) (Frankfurt:RJIB) (OTC:RCKTF) announce
About this update from Rock Tech Lithium Inc.
[{"type":"text","content":"Vancouver, BC, Canada - TheNewswire - November 10, 2020 - Rock Tech Lithium Inc. (the \"Company\" or \"Rock Tech\") (TSXV:RCK) (Frankfurt:RJIB) (OTC:RCKTF) announces that it will conduct a non-brokered private placement (the \"Offering\") of up to 5,882,353 units (the \"Units\") of the Company at a price of $0.85 per Unit for gross proceeds of up to $5,000,000. \"Increasing investor interest is further confirmation of our low-operating cost, vertically-integrated lithium hydroxide converter as presented in our recently completed Preliminary Economic Assessment,\" said Simon Bodensteiner, Chief Executive Officer of Rock Tech. \"This Offering ensures that the Company is well positioned and can accelerate progress towards key milestones on both upstream and downstream strategic fronts in 2021.\" Proceeds from the private placement will be used to fund a Pre-Feasibility Study (\"PFS\") on a lithium hydroxide converter, continuing investigations of novel lithium processing circuits, further development and permitting work at the Company's Georgia Lake lithium project and general working capital. Each Unit will consist of one common share of the Company and one common share purchase warrant. Each warrant will entitle the holder to purchase an additional common share of the Company at a price of $1.00 per share for a period of 24 months from the date of closing, subject to accelerated expiry in certain circumstances. A portion of the Offering may be completed pursuant to the British Columbia Securities Commission's BC Instrument 45-534 - Exemption from Prospectus Requirement for Certain Trades to Existing Security Holders (the \"Existing Security Holder Exemption\"). Under the Existing Security Holder Exemption, existing shareholders resident in British Columbia may purchase up to $15,000 in Units from the Company without qualifying as an Accredited Investor (as that term is defined in National Instrument 45-106 - Prospectus Exemptions) or other prospectus exemption subject to the requirements of the instrument. Similar exemptions exist in certain other jurisdictions. The Company has set November 6, 2020 as the record date for the purpose of determining shareholders entitled to participate in the Offering in reliance on the Existing Shareholder Exemption. Existing shareholders who wish to participate in the Offering should contact Brad...