07:19:10 EDT Tue 29 Sep 2020
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Rock Tech Lithium Inc (2)
Symbol RCK
Shares Issued 35,199,894
Close 2020-01-14 C$ 0.53
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Rock Tech increases private placement to $1.62-million

2020-01-14 17:24 ET - News Release

Mr. Martin Stephan reports


Rock Tech Lithium Inc. has amended the terms of a non-brokered private placement announced on Dec. 20, 2019. The original terms of the offering included the issuance of up to 3,111,112 units of the company at a price of 45 cents per unit for gross proceeds of up to $1.4-million. 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 Dec. 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 70 cents 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."

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.

We seek Safe Harbor.

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