Rock Tech Announces Amendment To Brokered Private Placement
(via Thenewswire.ca)
Vancouver, British Columbia, Canada, July 29, 2011 - Rock Tech Lithium Inc. (TSX-Venture: RCK; Frankfurt: RJIA (the "Company" or "Rock Tech"), announces additional flow-through subscriptions to the brokered private placement originally announced on April 6, 2011. The additional offering, to be led by Mackie Research Capital Corporation (the "Agent") on a best efforts basis, consists of up to an additional 9,000,000 flow-through units (the "Flow-Through Units") at a price of $0.30 per unit.
The terms of the additional subscription remain the same where 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 will entitle the holder to purchase an additional non-flow-through common share at a price of $0.60 per share for a period of 24 months from the date of closing.
In consideration for their services, the Agent will receive a cash commission of 7.0% of the gross proceeds of the Offering. In addition, the Agent will receive non-transferable compensation options (the "Compensation Options") entitling the holders to acquire that number of non-flow-through units equal to 7.0% of the number of Flow-Through Units sold under the private placement, exercisable at $0.30 per Compensation Option, for a period of 24 months from the date of closing.
The closing of the private placement is subject to regulatory approval including that of the TSX Venture Exchange. All securities issued will be subject to a four month hold period.
The proceeds of the private placement will be used for exploration of the Company's Quebec lithium projects.
This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities in the United States or in any other jurisdiction. The securities have not been, nor will they be, registered under the U.S. Securities Act of 1933, as amended (the "U.S. Securities act"), and may not be offered or sold in the United States or to, or for the account or benefit of, U.S. persons absent registration or an applicable exemption from the registration requirements.
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.
Copyright (c) 2011 Thenewswire.ca - All rights reserved.