VANCOUVER, British Columbia, Jan. 30, 2020 (GLOBE NEWSWIRE) -- Rock Tech Lithium Inc. (the "Company" or “Rock Tech”) (TSX-V: RCK; Frankfurt: RJIB) announces that it has closed a non-brokered private placement of 3,604,622 units at a price of $0.45 per unit for gross proceeds of $1,622,080 (the “Offering”).
Each unit consists of one common share of the Company and one half of one share purchase warrant. Each full warrant will entitle the holder to purchase an additional common share at a price of $0.70 per share expiring on January 29, 2023, subject to accelerated expiry in certain circumstances.
The majority of the Offering was purchased by existing key shareholders of the Company, including Rock Tech’s chairman Dirk Harbecke.
The proceeds of the private placement will be used for further development of the Company’s Georgia Lake lithium property and for general working capital purposes.
No bonuses, finder’s fees or commissions will be paid in connection with the Offering. All shares issues pursuant to the Offering will be subject to a four-month hold period expiring on May 31, 2020.
On behalf of the Board of Directors,
Director, Chief Executive Officer
For further information, please contact:
Chief Financial Officer
Rock Tech Lithium Inc.
777 Hornby Street, Suite 600
Vancouver, B.C., V6Z 1S4
Telephone: (778) 358-5200
Facsimile: (604) 670-0033
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.
Statements included in this announcement, including statements concerning our plans, intentions and expectations, which are not historical in nature are intended to be, and are hereby identified as, "forward-looking statements". Forward-looking statements may be identified by words including "anticipates", "believes", "intends", "estimates", "expects" and similar expressions. The Company cautions readers that forward-looking statements, including without limitation those relating to the Company's future operations and business prospects, are subject to certain risks and uncertainties that could cause actual results to differ materially from those indicated in the forward-looking statements.