(TheNewswire)
Vancouver, BC, Canada - TheNewswire – December 22, 2020 – Rock Tech Lithium Inc. (the"Company" or “Rock Tech”) (TSXV:RCK ) ( Frankfurt:RJIB) is pleased toannounce the successful closing of its non-brokered private placement(the “Offering”) of 9,994,447 units (the “Units”) of theCompany at a price of $0.85 per Unit for gross proceeds of$8,495,279.95.
The Offering, which significantly exceeded the Company’s originallyplanned offering of $5,000,000, was increased on November 30, based onmuch higher-than-expected demand.
"We have received very positive feedback and highdemand for our private placement from renowned institutionalinvestors, confirming that we are very much on the right track,”said Dirk Harbecke, Chairman of Rock Tech, who investedsignificantly himself. “The collected funds will helpus to further accelerate our project development – a hugeopportunity in an environment where other projects, also of the globalplayers, still remain on hold due to the corona crisisuncertainties.
The Offering round was led by Apeiron Investment Group, the familyoffice of serial entrepreneur and investor Christian Angermayer, whosubscribed for over 30% of the Offering and will, after closing, own19.6% of the Company on a partially-diluted basis. Mr. Harbeckesubscribed for over 11% of the Offering, bringing hispartially-diluted ownership position, after closing, to 17.7%.
Christian Angermayer sees a huge opportunity and the perfect timingfor his continued investment into Rock Tech Lithium: “The world isfocused on the rise of electric cars – driven by innovators such asTesla and now also Apple. And rightly so. The era of fossil vehiclesis over. Many still underestimate the massive change we are seeing,which will sweep away many traditional car makers. But all the new EVplayers need Lithium batteries. It fascinates me how much manystakeholders still underestimate the lithium shortage we will in myview soon encounter. Rock Tech Lithium has a bold vision not just tobecome one of the premier producers of the raw material, but also aninnovative Chemtech company”.
Proceeds from the private placement will be used to fund aPre-Feasibility Study (“PFS”) on a lithium hydroxide converter,continuing investigations of the Company’s innovative lithiumhydroxide processing circuit, further development and permitting workat the Company’s Georgia Lake lithium project and general workingcapital.
All securities issued in connection with the Offering are subject to afour-month hold period expiring on April 19, 2021. Each Unit consistsof one common share of the Company and one common share purchasewarrant. Each warrant entitles the holder to purchase an additionalcommon share of the Company at a price of $1.00 per share untilDecember 17, 2022, subject to accelerated expiry in certaincircumstances.
The investment by Apeiron has led them to be deemed an Insider and, assuch, is closing in escrow pending clearance of required PersonalInformation Forms (“PIF”) by the TSX Venture Exchange.
On behalf of the Board of Directors,
"SimonBodensteiner"
Simon Bodensteiner
Director, Chief Executive Officer
For further information, pleasecontact:
Brad Barnett
Chief Financial Officer
Rock Tech Lithium Inc.
777 Hornby Street, Suite 600
Vancouver, B.C., V6Z 1S4
Telephone: (778) 358-5200
Facsimile: (604) 670-0033
Email: bbarnett@rocktechlithium.com
Neither TSX Venture Exchange nor its RegulationServices Provider (as that term is defined in the policies of the TSXVenture Exchange) accepts responsibility for the adequacy or accuracyof this release.
Statements included in this announcement, includingstatements concerning our plans, intentions and expectations, whichare not historical in nature are intended to be, and are herebyidentified as, "forward ? looking statements". Forward ? looking statements may be identifiedby words including "anticipates", "believes","intends", "estimates", "expects" andsimilar expressions. The Company cautions readers thatforward ? lookingstatements, including without limitation those relating to theCompany's future operations and business prospects, are subject tocertain risks and uncertainties that could cause actual results todiffer materially from those indicated in the forward ? looking statements.
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