VANCOUVER, BC, July 11,
2023 /CNW/ - Rock Tech Lithium Inc.
(TSXV: RCK) (OTCQX: RCKTF) (FWB: RJIB) (WKN: A1XF0V) (the
"Company" or "Rock Tech") announces that, further to its press
release issued on May 25, 2023, the
TSX Venture Exchange (the "TSX:V") pre-approved the option
agreement, as amended on June 29,
2023, (the "Agreement"), following which the Company has
been granted the option to acquire a 100% undivided interest in the
unpatented mining claims associated with the property of in total
6,150 hectares in the Thunder Bay Mining District of Ontario (the "Boston Lake Claims").
During the three-year term of the Agreement, Rock Tech will make
annual cash payments totaling 175,000
CAD and must incur aggregated exploration expenditures in
the amount of 350,000 CAD in
stages.
Concurrent with the cash payments, Rock Tech will issue in total
a maximum of 88,361 common shares in the capital of the Company, on
which the first tranche of up to 12,623 shares or the value of
25,000 CAD will be issued upon
receipt of the regulatory approval of the terms of the
Agreement.
The Agreement provides for a payment of 2 % net smelter
return royalties (NSR) equalling to 2 % of the net value
of products mined and removed from the property to the optionor.
Provided by the terms of the Agreement, Rock Tech has the right at
any time to purchase from the optionor 1% of the 2% royalties by
way of a one-time payment of 1,000,000
CAD.
On behalf of the Board of Directors,
Dirk Harbecke
Chairman & CEO
ABOUT ROCK TECH
Rock Tech is a cleantech company with operations in Canada and Germany on a mission to produce lithium
hydroxide for electric vehicle batteries. The Company plans to
build lithium converters at the door-step of its customers, to
guarantee supply-chain transparency and just-in-time delivery,
beginning with the Company's proposed lithium hydroxide merchant
converter and refinery facility in Guben, Germany. To close the most pressing gap in the
clean mobility story, Rock Tech has gathered one of the strongest
teams in the industry. The Company has adopted strict
environmental, social and governance standards and is developing a
proprietary refining process aimed at further increasing efficiency
and sustainability. Rock Tech plans to source raw material from its
wholly-owned Georgia Lake spodumene project located in the Thunder
Bay Mining District of Ontario,
Canada, as well as procuring it from other responsibly
producing mines. In the years to come, the Company expects to also
source raw material from discarded batteries. Rock Tech's goal: to
create a closed-loop lithium production system.
www.rocktechlithium.com
Neither the TSX Venture Exchange nor its Regulation
Services Provider (as that term is defined in policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
CAUTIONARY NOTE CONCERNING
FORWARD-LOOKING INFORMATION
Certain statements contained in this news release constitute
"forward-looking information" under applicable securities laws and
are referred to herein as "forward-looking statements". All
statements, other than statements of historical fact, which address
events, results, outcomes or developments that the Company expects
to occur are forward-looking statements. When used in this news
release, words such as "expects", "anticipates", "plans",
"predicts", "believes", "estimates", "intends", "targets",
"projects", "forecasts", "may", "will", "should", "would", "could"
or negative versions thereof and other similar expressions are
intended to identify forward-looking statements. In particular,
forward-looking statements contained in this news release include:
estimations or predictions about the Mineral Resource or Reserve
therein; the further potential of the Boston Lake Claims; and the
Company's future plans and expectations as described in the section
"About Rock Tech".
Forward-looking statements by their nature are based on
assumptions and involve known and unknown risks, uncertainties and
other factors which may cause the actual results to differ
materially from the forward-looking statements. The material
factors or assumptions used to develop the forward-looking
statements include: the Exploration Expenditures, the existence of
certain spodumene pegmatites, the possible type of mining and
concentration of lithium; the distance required for transportation
of concentrate; the Company's ability to procure equipment
necessary for its business; that all required regulatory approvals
and permits can be obtained on the necessary terms in a timely
manner; and that financing will be available to the Company on
commercial terms. There may also be other factors that cause actual
results to differ materially from the forward-looking statements,
including the risks, uncertainties and other factors discussed in
the Company's most recent management's discussion and analysis and
annual information form filed with the applicable securities
regulators.
No assurances can be given that any of the events anticipated by
the forward-looking statements will transpire or occur, and the
Company cautions the reader not to place undue reliance upon any
such forward-looking statements. The Company does not intend, nor
does it assume any obligation to update or revise any of the
forward-looking statements, whether as a result of new information,
changes in assumptions, future events or otherwise, except to the
extent required by applicable law.
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SOURCE Rock Tech Lithium Inc.