VANCOUVER, British Columbia, Jan. 14, 2020 (GLOBE NEWSWIRE) -- Rock Tech Lithium Inc. (the “Company” or “Rock Tech”) (TSX-V: RCK; Frankfurt: RJIB) announces that it has amended the terms of a non-brokered private placement (the “Offering”) announced on December 20, 2019. The original terms of the Offering included the issuance of up to 3,111,112 units (the “Units”) of the Company at a price of $0.45 per Unit for gross proceeds of up to $1,400,000. Due to higher than expected demand, the Company has amended the Offering to include the issuance of up to 3,604,623 units for gross proceeds of up to $1,622,080. All other terms remain as disclosed on December 20, 2019.
Each Unit will consist of one common share of the Company and one-half of one common share purchase warrant. Each full warrant will entitle the holder to purchase an additional common share of the Company at a price of $0.70 per share for a period of 36 months from the date of closing, subject to accelerated expiry in certain circumstances.
“The increased demand for the Offering is a potential signal of a shift to more positive sentiment in the lithium market,” said Martin Stephan, director and Chief Executive Officer of Rock Tech. “The proceeds of this private placement will be used for further work on the baseline studies and continued metallurgical and processing tests, demonstrating the suitability of our material for conversion into value-added lithium chemicals.”
Figure 1 - Rock Tech's Georgia Lake Lithium Project with 24/7/365 All-Weather Access
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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,
"Martin Stephan"
Martin Stephan
Director, Chief Executive Officer
For further information, please contact:
Brad Barnett
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
Email: bbarnett@rocktechlithium.com
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.