Rock Tech Lithium Receives C$1.7 Million from Warrant Exercises
TSX VENTURE: RCK
VANCOUVER, Dec. 6, 2017 /CNW/ - Rock Tech Lithium Inc. (the "Company" or "Rock Tech") (TSX-V: RCK; Frankfurt: RJIB) announces that it has received proceeds of $1.7 million related to the exercise of warrants. The warrants were exercisable at $0.20, $0.50 and $1.45. As of the date of this news release, the Company now has 33,037,119 common shares issued and outstanding.
Additionally, the Company's chairman, Mr. Dirk Harbecke, has increased his shareholdings via the exercise of 1,200,000 warrants. The warrants, in parts acquired via a private transaction, had an exercise price of $0.20 and were set to expire on December 31, 2017. After consideration of these transactions, Mr. Harbecke now holds 10.2% of the Company on a non-diluted basis.
The issuance of common shares in respect of the exercise of warrants has resulted in BTI International's shareholdings falling below the 10% Early Warning Report threshold.
About Rock Tech Lithium:
Rock Tech Lithium is an exploration company focused on acquiring and exploring properties in the field of lithium and other selected battery metals.
Rock Tech is the only exploration company in the Georgia Lake region with an NI 43-101 resource estimate. The resource estimate shows an indicated resource estimate of 3.19 million tonnes grading 1.10% lithium oxide in addition to an inferred resource estimate of 6.31 million tonnes grading 1.00% lithium oxide. Further, the Company has completed metallurgical testing on a bulk sample demonstrating the ability to produce both a high-grade spodumene concentrate and battery-grade lithium carbonate ("Li2CO3"). The spodumene-bearing pegmatites of the Georgia Lake area were originally discovered in 1955.