Mr.
Dirk Harbecke reports
ROCK TECH ANNOUNCES 2ND TRANCHE AND FINAL CLOSE OF NON-BROKERED PRIVATE PLACEMENT
Rock Tech Lithium Inc. has closed the second tranche of its previously announced non-brokered private placement of units. For this second tranche, the company issued an additional 1,364,000 units at a price of $1.00 per unit for gross proceeds of $1,364,000. In aggregate, the company has issued four million units at a price of $1.00 per unit for total gross proceeds of $4-million -- inclusive of the first tranche closing and the second tranche closing.
Each unit consists of one common share in the capital of Rock Tech and one common share purchase warrant. Each warrant entitles the holder thereof to purchase one common share at an exercise price of $1.30 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.
About Rock Tech Lithium Inc.
Rock Tech's vision is to supply the electric vehicle and battery industry with sustainable, locally produced lithium, targeting a 100-per-cent 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, Ont., 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 environmental-, social- and governance-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.
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