Money Shows Up With Premier Clients like Mercedes BenzRock Tech:
$40 Million cash in the door, led by
TD Bank and Cantor Fitzgerald.
Likely just the warm-up money. Backed by
heavy weight, deep pocket investor, venture capitalist Peter Thiel (Paypal co-founder, Musk partner, 1st outside investor of Facebook) is behind the
German efforts at RCK.
Just need the big guns to swiftly bring-in the big money & off-take buyers like
Mercedes Benz in coordination with Chancellor Olaf Scholz green energy agreement with Canada.
Rock Tech needs to get very busy quickly at its Lithium site, Georgia Lk, Nor-Ontario if to supply Lithium to Mercedes in
2026.
Minesite capital work & engineering will need to get underway.
Ambitious timeline by experienced operators. Definitely
no place for any "armchair" management.
This tight timeline will take
doer's and Rock Tech already seems to be demonstrating that key trait in getting to Lithium production operations in slightly over
3 years. Possibly Frontier Lithium is approached for Lithium product and Frontier simply initially constructs onsite Lithium mill infrastructure (at a fraction of the total project cost) for its world class ultra high grade Lithium reserves.
With involvement & backing in Germany of a private multi-Billionaire investor Peter Thiel, etc., Bankable Feasibility is likely bypassed & project fast-tracked from
"Advanced" Pre-Feasibility & directly to EPCM (Engineering, Procurement, Construction, Management, etc).
I believe the bulk of drilling done in the 1950's by Noranda (looking for other commodity).
Brief background on Peter Thiel:
Peter Andreas Thiel is a German-American billionaire entrepreneur, venture capitalist, and political activist. A
co-founder of PayPal, Palantir Technologies, and Founders Fund, he was the
first outside investor in Facebook. (
Wikipedia)
2022-08-19
Mr. Andre Mandel reports
ROCK TECH LITHIUM ANNOUNCES CLOSING OF OFFERING OF UNITS
Rock Tech Lithium Inc. has closed its previously announced marketed offering of units of the company. In connection with the closing of the offering, the company issued an aggregate of 11,449,743 units at a price of $3.50 per unit for aggregate gross proceeds of approximately $40-million. Each unit comprises one common share in the capital of Rock Tech and one-half of one common share purchase warrant. Each warrant entitles the holder thereof to acquire one common share for a period of 36 months from Aug. 19, 2022, at an exercise price of $4.50, subject to and in accordance with the terms and conditions of the warrant indenture entered into between the company and Computershare Trust Company of Canada, including acceleration and adjustment in certain circumstances. In the event that the volume-weighted average trading price of the common shares on the TSX Venture Exchange for 10 consecutive trading days exceeds $6.75, the company may, within 10 business days of the occurrence of such event, deliver a notice (including a press release) to the holders of warrants accelerating the expiry date of the warrants to the date that is 30 days following the date of such notice.
The underwritten warrants issued pursuant to the offering have been conditionally approved for listing and are expected to commence trading on the TSX Venture Exchange following the closing of the offering, subject to the satisfaction of all listing conditions.
As previously announced, Rock Tech currently intends to use the net proceeds of the offering to finance the development of the company's proposed high-grade lithium hydroxide converter and refinery facility in Guben, Germany, and to finance the continued exploration and development of the company's Georgia Lake lithium project in Ontario, Canada.
The offering included a $30,686,600 underwritten offering conducted through a syndicate of underwriters led by TD Securities Inc. and Cantor Fitzgerald Canada Corp. acting as joint bookrunners and including Berenberg Capital Markets LLC as joint lead manager. The company granted the underwriters an option to purchase up to an additional 15 per cent of the underwritten offering. The overallotment option is exercisable, in whole or in part at the discretion of the underwriters, at any time up to and including 30 days following the closing date of the offering. The underwriters can elect to exercise the overallotment option for units only, common shares only, warrants only, or any combination thereof, to cover overallotments, if any, and for market stabilization purposes.
In connection with the underwritten offering, the company also completed a non-brokered private placement of 2,682,143 units for aggregate gross proceeds of $9,387,500.50, pursuant to subscription agreements entered into directly between Rock Tech and purchasers.