TORONTO, Oct. 7, 2024
/CNW/ - Rock Tech Lithium Inc. (TSXV: RCK) (OTCQX: RCKTF)
(FWB: RJIB) (WKN: A1XF0V) (the "Company" or "Rock
Tech") is pleased to announce the closing of a non-brokered
private placement (the "Offering") of units (the
"Units"). Pursuant to the Offering, the Company issued an
aggregate of 2,761,498 Units at a price $1.20 per Unit for aggregate gross proceeds of
$3,313,798.
The Units were offered to and subscribed by existing
shareholders and new investors, notably investment companies and
family offices from Europe. Rock
Tech intends to use the proceeds of the Offering to finance the
continued development of the Company's North American Converter
project, the further development of the Company's recycling
strategy, and for general corporate purposes (including expenses
incurred by the Company in connection with the Offering. The
Company paid finder fees of $28,440
to an arm's-length party in connection with the closing of this
Offering.).
Konstantin Burger, VP Investor
Relations comments: "I want to thank our existing shareholders for
their continued support and welcome all new shareholders to Rock
Tech. We continue to implement our strategy and raise capital with
new investors. This financing allows us to remain strategically
agile, progress our work on the use of recycled material in our
Converters, and secures our cash runway. At the same time, our
negotiations with strategic and financial investors for investments
at the project level in Guben as well as additional subsidies
continue."
Each Unit consists of one common share in the capital of Rock
Tech (the "Common Shares", with such Common Shares
comprising the Units, the "Unit Shares") and one Common
Share purchase warrant (each whole Common Share purchase warrant, a
"Warrant", and together with the Units and the Unit Shares,
the "Securities"). Each Warrant entitles the holder thereof
to purchase one Common Share (a "Warrant Share") at an
exercise price of $1.59 per Warrant
Share for a period of 36 months following the date of issuance of
such Warrant, subject to and in accordance with the terms and
conditions of the certificate evidencing such Warrant, including
adjustment in certain circumstances.
The Securities offered pursuant to the Offering have not been,
and will not be, registered under the United States Securities Act
of 1933, as amended (the "U.S. Securities Act"), or any
state securities laws of any state of the
United States and accordingly may not be offered or sold
within the United States except in
compliance with the registration requirements of the U.S.
Securities Act and applicable state securities laws or pursuant to
exemptions therefrom. The Unit Shares and Warrant Shares have been
conditionally accepted for listing on the TSX-V, which is subject
to the final acceptance of the TSX-V.
All dollar amounts in this news release are expressed in
Canadian dollars.
On behalf of the Board of Directors,
Dirk
Harbecke
Chairman & CEO
ABOUT ROCK TECH
Rock Tech's vision is to supply the
electric vehicle and battery industry with sustainable, locally
produced lithium, targeting a 100% recycling rate. To ensure
resilient supply chains, the company plans to build lithium
converters at the doorstep of its customers, beginning with the
Company's proposed Lithium Hydroxide Converter in Guben,
Brandenburg, Germany. The second
Converter is planned to be built in Red
Rock, Ontario, Canada. Rock Tech Lithium plans to source raw
material from its own Georgia Lake
spodumene project in the Thunder Bay Mining District of
Ontario, Canada, and procure from
other ESG-compliant mines. Ultimately, Rock Tech's goal is to
create a closed-loop lithium production system. Rock Tech has
gathered one of the strongest teams in the industry to close the
most pressing gap in the clean mobility story. The Company has
adopted strict environmental, social and governance standards and
is developing a proprietary refining process to increase efficiency
and sustainability further.
CAUTIONARY NOTE CONCERNING FORWARD-LOOKING INFORMATION
Certain statements contained in this news release constitute
"forward-looking information" under applicable securities laws and
are referred to herein as "forward-looking statements". All
statements, other than statements of historical fact, which address
events, results, outcomes or developments that the Company expects
to occur are forward-looking statements. When used in this news
release, words such as "expects", "anticipates", "plans",
"predicts", "believes", "estimates", "intends", "targets",
"projects", "forecasts", "may", "will", "should", "would", "could"
or negative versions thereof and other similar expressions are
intended to identify forward-looking statements. In particular,
this news release contains forward-looking information pertaining
to: the intended use of proceeds from the Offering and allocation
thereof; listing of the Unit Shares on the TSX-V, including
obtaining the final acceptance of the TSX-V; discussions with
strategic and financial investors to explore potential
opportunities for investments directly at the project level,
including the Company's converter projects in Germany and Canada and the Georgia Lake Project; and
Rock Tech's opinions, beliefs and expectations regarding the
Company's business strategy, development and exploration
opportunities and projects, and plans and objectives of management
for the Company's operations and properties. Forward-looking
information is based on certain assumptions, estimates,
expectations and opinions of the Company and, in certain cases,
third party experts, that are believed by management of Rock Tech
to be reasonable at the time they were made. Forward-looking
information is derived utilizing numerous assumptions regarding,
among other things: the satisfaction of the conditions to obtain
final acceptance of the TSX-V approval for the listing of the Unit
Shares on the TSX-V; the supply and demand for, deliveries of, and
the level and volatility of prices of, feedstock and intermediate
and final lithium products; that all required regulatory approvals
and permits can be obtained on the necessary terms in a timely
manner; expected growth, performance and business operations;
future commodity prices and exchange rates; prospects, growth
opportunities and financing available to the Company; general
business and economic conditions; the costs and results of
exploration, development and operating activities; Rock Tech's
ability to procure supplies and other equipment necessary for its
business; and the accuracy and reliability of technical data,
forecasts, estimates and studies. The foregoing list is not
exhaustive of all assumptions which may have been used in
developing the forward-looking information. While Rock Tech
considers these assumptions to be reasonable based on information
currently available, they may prove to be incorrect and should not
be read as a guarantee of future performance or results. Except as
may be required by law, Rock Tech undertakes no obligation and
expressly disclaims any responsibility, obligation or undertaking
to update or to revise any forward-looking information, whether as
a result of new information, future events or otherwise, to reflect
any change in Rock Tech's expectations or any change in events,
conditions or circumstances on which any such information is based.
The forward-looking information contained herein is presented for
the purposes of assisting readers in understanding Rock Tech's
plans, objectives and goals and is not appropriate for any other
purposes.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES
PROVIDER (AS THAT TERM IS DEFINED IN POLICIES OF THE TSX VENTURE
EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF
THIS RELEASE.
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SOURCE Rock Tech Lithium Inc.