Rock Tech Closes Third Tranche Of Private Placement
(via Thenewswire.ca)
Vancouver, British Columbia, Canada, August 3, 2011 - Rock Tech Lithium Inc. (TSX-Venture: RCK; Frankfurt: RJIA (the "Company" or "Rock Tech"), further to its announcement on July 29, 2011, is pleased to announce the closing of the third tranche of its brokered private placement (the "Offering") consisting of 8,833,600 flow-through units of the Company at a price of $0.30 per unit for gross proceeds of $2,650,080.
Each flow-through unit consists of one flow-through common share of the Company and one-half of one share purchase warrant. Each full warrant entitles the holder to purchase one additional common share of the Company at a price of $0.60 per share for a period of 24 months, expiring at 4:30PM (Pacific Daylight Time, GMT-8) on August 3, 2013.
Mackie Research Capital Corporation acted as lead agent (the "Agent") in connection with the Offering. The Agent received an aggregate cash commission equal to $185,505.60 and broker warrants entitling the holders to acquire an aggregate of 618,352 units of the Company at an exercise price of $0.30 per unit until 4:30PM (Pacific Daylight Time, GMT-8) on August 3, 2013. Such units issued under the broker's warrants consist of one common share of the Company and one-half of one share purchase warrant, with each full warrant entitling the holder thereof to purchase one additional common share of the Company at a price of $0.60 per share for a period of 24 months, expiring at 4:30PM (Pacific Daylight Time, GMT-8) on August 3, 2013.
All securities issued in connection with the Offering are subject to a four month and a day hold period expiring on December 4, 2011, and are subject to final approval from the TSX Venture Exchange.
The proceeds of the Offering will be used for the Company's exploration program at its Quebec lithium projects.
On behalf of the Board of Directors,
"Eunho Lee"
President, CEO and Director
For further information please contact:
Brad Barnett
Controller, Senior Manager-Corporate Affairs and Corporate Secretary
Phone: (604) 688-1140 | Facsimile: (604) 688-1173
E-mail and website: info@rocktechlithium.com | www.rocktechlithium.com
Disclaimer:
Neither the 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, "forward looking statements". Forward looking statements may be identified by words including "anticipates", "believes", "intends", "estimates", "expects" and similar expressions. The Company cautions readers that forward looking 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 forward looking statements.
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