Rock Tech Lithium raises $4.7 million in private placement

Rock Tech Lithium Inc. (TSXV: RCK) completed a non-brokered private placement offering that raised approximately $4.7 million in gross proceeds, according to a company statement.

The lithium company issued 4,671,827 units at $1.00 per unit. Two existing institutional shareholders subscribed to the offering. Each unit consists of one common share and one warrant that allows the purchase of an additional common share at $1.15 within 36 months of issuance.

Rock Tech plans to use the proceeds to fund development of its integrated conversion strategy and for general corporate and working capital purposes. The closing remains subject to final approval from the TSX Venture Exchange.

The company also granted 2,510,000 stock options to directors, officers and employees at an exercise price of $1.15. Of these options, 1,300,000 were issued to directors and officers. The options vest immediately and expire on February 23, 2031.

Rock Tech operates lithium hydroxide converter projects in Guben, Germany, with planned annual production of 24,000 tonnes, and in Ontario, Canada, with capacity for up to 36,000 tonnes per year. The company also owns the Georgia Lake Project in Canada.

All amounts are expressed in Canadian dollars. The securities have not been registered under U.S. securities laws and may not be offered or sold in the United States without registration or an applicable exemption.

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