(via Thenewswire.ca)
Vancouver, BC, Canada - February 25, 2013 - Rock Tech Lithium Inc. (the "Company") (TSX-V: RCK) is pleased to announce that, subject to regulatory approval, it has entered into a loan agreement with BTI International, a private partnership specializing in providing venture finance to micro-cap and small-cap companies, to provide Cdn$600,000 debt financing (the "Loan"). The proceeds of the Loan will be used for working capital purposes and to deal with short-term obligations. The Loan is secured by way of a general security agreement over all of the Company's present and after-acquired personal property. The Loan will bear interest at a rate of 10% per annum. The principal amount of the Loan, along with accrued interest thereon, will mature and be due and payable on February 25, 2014.
The principal amount of the Loan and interest accrued thereon may be converted at the Lender's option to acquire shares of the Company at a price of $0.10 per share. Any securities issued in connection therewith will be subject to a statutory hold period.
"The conversion price negotiated is a strong signal regarding our opinion of the current market valuation of the Company," said Afzaal Pirzada, Rock Tech's Vice President of Exploration and interim CEO.
On behalf of the Board of Directors of the Company,
"Afzaal Pirzada"
Afzaal Pirzada, P. Geo.
Director, Vice President of Exploration and interim CEO
For further information please contact:
Brad Barnett
Vice President of Corporate Finance and Development
Rock Tech Lithium Inc.
789 West Pender Street, Suite 1205
Vancouver, B.C., V6C 1H2
Telephone: (604) 688-1140
Facsimile: (604) 688-1173
Email: bbarnett@rocktechlithium.com
Neither 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.
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