NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
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 offering (the “Offering“) of units (“Units“). Pursuant to the Offering, the Company issued an aggregate of 4,671,827 Units based on the market price at $1.00 per Unit for aggregate gross proceeds of $4,671,827.
The Units were subscribed by two existing institutional shareholders. The Company intends to use the net proceeds raised from the Offering to fund the continued development of the Company’s integrated conversion strategy, and for general corporate and working capital purposes.
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 $1.15 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.
Closing of the Offering remains subject to receipt of final approval of the TSX Venture Exchange.
This news release does not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of any of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful, including any of the securities in the United States of America. The securities 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 and may not be offered or sold within the United States or to, or for account or benefit of, U.S. Persons (as defined in Regulation S under the U.S. Securities Act) unless registered under the U.S. Securities Act and applicable state securities laws, or an exemption from such registration requirements is available.
The Company also announces that is has granted 2,510,000 stock options to certain directors, officers and employees of the Company. All Options were granted in accordance with the Company’s Stock Option Plan. 1,300,000 of the options were issued to Directors and Officers of the Company. The Options were granted at an exercise price of $1,15. The Options will vest immediately and are exercisable for a five-year term, expiring February 23, 2031.
All dollar amounts in this news release are expressed in Canadian dollars.
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.
