Mr. Dirk Harbecke reports
ROCK TECH LITHIUM ANNOUNCES INTENDED UPSIZING OF PREVIOUSLY ANNOUNCED PROPOSED PRIVATE PLACEMENT
Rock Tech Lithium Inc. intends to upsize its previously announced brokered private placement offering to certain U.S. and international investors at a price of $4.20 (U.S.) per unit (or approximately $5.40). The company intends to upsize the offering from up to approximately 9.5 million units of Rock Tech for aggregate gross proceeds of up to approximately $40-million (U.S.) (or approximately $51.5-million) to up to approximately 9.8 million units for aggregate gross proceeds of up to approximately $41-million (U.S.) (or approximately $52.7-million).
Each unit will consist of one common share in the capital of Rock Tech and one common share purchase warrant of Rock Tech. Each warrant will entitle the holder thereof to purchase one common share at an exercise price of $6.77 per warrant share for a period of 30 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 acceleration and adjustment in certain circumstances.
Closing of the offering is expected to occur on or about Dec. 30, 2021, and remains subject to the satisfaction of certain customary closing conditions, including the approval of the TSX Venture Exchange in respect of the listing on the TSX-V of the unit shares issued pursuant to the offering and the warrant shares issuable on exercise of the warrants.
The unit shares and the warrants will be subject to four-month hold periods in accordance with applicable Canadian securities laws as well as the rules of the TSX-V, as will any warrant shares issued on exercise of warrants prior to the expiry of such hold periods.
Evercore Group LLC participated in the offering as placement agent for the sale of the securities on a private placement basis outside of Canada, with only investors outside of Canada eligible to participate in the offering. This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities of the company.
About Rock Tech Lithium Inc.
Rock Tech Lithium is a clean tech company with operations in Canada and Germany that aims to supply the automotive industry with high-quality lithium hydroxide made in Germany. As early as 2024, the company intends to commission Europe's first lithium converter with a nameplate production capacity of 24,000 tonnes per year. This is equivalent to the volume needed to equip around 500,000 electric cars with lithium-ion batteries.
The company has set itself the goal of creating the world's first closed loop for lithium, thus closing the raw material gap on the road to clean mobility. Rock Tech owns the Georgia Lake project in Ontario, Canada, and, as early as 2030, around 50 per cent of the raw materials used are expected to come from the recycling of batteries.
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