Rock Tech Announces Closing of Non-Brokered Private Placement
Rock Tech Announces Closing of Non-Brokered Private
Placement
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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For further information:
For further information: Rock Tech Lithium Inc, 2400-333 Bay Street, Toronto ON M5H 2T6, CAN.
Konstantin Burger, VP
Investor Relations : [email protected] +49 89 244109149
CO: Rock Tech Lithium Inc.
CNW 19:00e 07-OCT-24