Rock Tech Lithium completes C$4.7 million private placement

Rock Tech Lithium Inc. (TSXV: RCK) closed a non-brokered private placement offering for aggregate gross proceeds of C$4,671,827, according to a company statement.

The company issued 4,671,827 units at C$1.00 per unit to two existing institutional shareholders. Each unit consists of one common share and one warrant, with warrants exercisable at C$1.15 per share for 36 months following issuance.

Rock Tech plans to use the net 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 C$1.15 per share. 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 capacity of 24,000 tonnes per year, and in Ontario, Canada, with planned capacity of up to 36,000 tonnes lithium carbonate equivalent per year.

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