VANCOUVER, British Columbia, March 28, 2019 (GLOBE NEWSWIRE) -- Rock Tech Lithium Inc. (the "Company" or “Rock Tech”) (TSX-V: RCK; Frankfurt: RJIB) announces that it will conduct a non-brokered private placement of 777,778 units at a price of $0.90 per unit for gross proceeds of $700,000 (the “Offering”).
Each unit will consist 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 $1.25 per share for a period of 36 months from the date of closing, subject to accelerated expiry in certain circumstances.
"The funds will be invested in the activities necessary to advance the permitting process at our Georgia Lake lithium project,” said Martin Stephan, director and Chief Executive Officer of Rock Tech. “The proceeds reflect our mission to minimize dilution for shareholders.”
"It is an exciting time to develop Rock Tech," Mr. Stephan continued. "The demand thesis gets stronger everyday with new announcements of electric vehicles and energy storage solutions. Furthermore, the strategic importance of access to battery metals as the backbone to electrification plans is becoming better understood by both corporates and governments.”
The proceeds of the Offering will be used for the further enhancement of the Company’s Georgia Lake lithium property and for general working capital purposes.
The closing of the Offering is subject to regulatory approval including that of the TSX Venture Exchange. All securities issued in connection with the Offering will be subject to a four-month hold period.
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.