Press Release
October 8, 2024
Rock Tech Lithium Inc. is pleased to announce the closing of a non-brokered private placement of 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
IBF4