Rock Tech Amends Private Placement Due to Oversubscription
(firmenpresse) -
Rock Tech Amends Private Placement Due to Oversubscription
Vancouver, BC, Canada - June 27, 2016 - Rock Tech Lithium Inc. (the "Company" or Rock Tech) (TSX-V: RCK; Frankfurt: RJIB) announces that, due to higher than anticipated demand, it has amended the non-brokered private placement announced on May 16, 2016. The Company has increased the number of units on offer from 2,000,000 units to 3,940,000 units for gross proceeds of $1,182,000 (the Offering). The pricing, $0.30 per unit, remains.
Each unit will consist of one common share of the Company and one half of one share purchase warrant. Each full warrant will entitle the holder to purchase an additional common share at a price of $0.50 per share for a period of 24 months from the date of closing, subject to accelerated expiry in certain circumstances.
The closing of the private placement is subject to regulatory approval including that of the TSX Venture Exchange. All securities issued will be subject to a four month hold period.
The proceeds of the private placement will primarily be used for further exploration and development of the Companys 100%-owned Georgia Lake lithium property. Rock Tech holds the largest land package in the Georgia Lake area and is the only exploration company in the region with an NI 43-101 resource estimate showing an indicated resource of 3.19 million tonnes grading 1.10% lithium oxide (Li2O) and an inferred resource of 6.31 million tonnes grading 1.00% Li2O. Further, the Company has completed metallurgical testing on a bulk sample demonstrating the ability to produce both a high-grade spodumene concentrate and battery-grade lithium carbonate (Li2CO3).
Martin Stephan, CEO of Rock Tech, comments: We are very happy about the overwhelming feedback of investors regarding our private placement. Our investors understand the value of Rock Techs asset and have demonstrated this through their willingness to invest. We will use the proceeds of the private placement to continue work on our Georgia Lake property to learn more about the geological structure in areas not fully explored in our previous drill program. Rock Tech is well-positioned, has a large land package and is progressing this district through active exploration and development.
The spodumene-bearing pegmatites of the Georgia Lake area were discovered in 1955. Subsequent to the discovery, the area was subjected to a staking rush and significant exploration work by various operators until 1958. Rock Techs claims and leases cover a large number of pegmatites first described by E.G. Pye in a 1965 report published by the Ontario Department of Mines. Several of the pegmatites located on Rock Techs claims and leases had significant historical exploration work, including more than 35,000 metres of drilling over 296 drill holes.
Julie Selway, an independent consultant to the Company and Qualified Person as that term is defined in NI 43-101, has approved the technical content of this news release.
On behalf of the Board of Directors,
"MARTIN STEPHAN"Martin StephanDirector, Chief Executive Officer
For further information, please contact:
Brad BarnettChief Financial OfficerRock Tech Lithium Inc. 1021 West Hastings Street, Suite 900Vancouver, B.C., V6E 0C3Telephone: (604) 558-5123Facsimile: (604) 670-0033Email: bbarnett(at)rocktechlithium.com
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Statements included in this announcement, including statements concerning our plans, intentions and expectations, which are not historical in nature are intended to be, and are hereby identified as, "forwardlooking statements". Forwardlooking statements may be identified by words including "anticipates", "believes", "intends", "estimates", "expects" and similar expressions. The Company cautions readers that forwardlooking statements, including without limitation those relating to the Company's future operations and business prospects, are subject to certain risks and uncertainties that could cause actual results to differ materially from those indicated in the forwardlooking statements.
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Datum: 27.06.2016 - 18:08 Uhr
Sprache: Deutsch
News-ID 480152
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