Rock Tech Announces Closing of Non - Brokered Private Placement
Rock Tech Lithium Inc. has successfully closed a private placement, issuing 2,761,498 units at $1.20 per unit, raising $3,313,798 for the company. The units were subscribed by existing shareholders and new investors, including investment companies and family offices from Europe. The funds will be used to finance the North American Converter project, the development of the company s recycling strategy, and general corporate purposes. The company also paid finder fees of $28,440 for the placement. Rock Tech s strategy includes building lithium converters at customer locations, starting with the proposed Lithium Hydroxide Converter in Guben, Germany, and a second converter in Red Rock, Ontario, Canada. The company plans to source raw material from its own Georgia Lake spodumene project in Ontario, Canada, and other ESG-compliant mines. The company s vision is to supply the electric vehicle and battery industry with sustainable, locally produced lithium, targeting a 100% recycling rate. Rock Tech has assembled a strong team to address the critical gap in the clean mobility story. The company has adopted strict environmental, social, and governance standards and is developing a proprietary refining process to increase efficiency and sustainability. The company s forward-looking statements include expectations about the use of proceeds from the offering, the listing of the unit shares on the TSX-V, discussions with strategic and financial investors, and the company s business strategy, development, and exploration opportunities. These statements are based on assumptions and estimates, and the company disclaims any responsibility to update or revise them. Rock Tech Lithium Inc. is a private company, and its securities have not been registered under the U.S. Securities Act or any state securities laws of the United States. The unit shares have been conditionally accepted for listing on the TSX-V, subject to final acceptance. All dollar amounts in the news release are expressed in Canadian dollars. <|end|>
Source: prnewswire.comPublished on 2024-10-07
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