Rock Tech closes $4.67M financing, grants options

Executive Summary

• Rock Tech Lithium Inc. has closed a non-brokered private placement of units, raising approximately $4.7 million in gross proceeds.
• The offering was subscribed by two existing institutional shareholders, with units priced at $1.00 each.
• The company also announced the immediate vesting of 2.51 million stock options granted to directors, officers, and employees at an exercise price of $1.15.

Key Details

• Financing Structure: Non-brokered private placement of units.
• Units Issued: 4,671,827 units.
• Price Per Unit: $1.00.
• Gross Proceeds: $4,671,827.
• Subscribers: Two existing institutional shareholders.
• Use of Proceeds: Financing the continued development of the company's integrated conversion strategy and for general corporate and working capital purposes.
• Warrant Terms: Each unit includes one common share and one common share purchase warrant.
  • Exercise Price: $1.15 per warrant share.
  • Term: 36 months from the date of issuance.
  • Ratio: One warrant per unit (entitling holder to purchase one common share).
• Regulatory Status: Closing is subject to final approval of the TSX Venture Exchange.
• Stock Option Grant:
  • Total Options Granted: 2.51 million.
  • Recipients: Directors, officers, and employees (1.3 million issued specifically to directors and officers).
  • Exercise Price: $1.15 per option.
  • Vesting: Immediate.
  • Expiration: February 23, 2031 (5-year term).