Rock Tech Lithium Increases Financing To US$41.0 Million
Demand for lithium-focused issuers continues to climb, with Rock Tech Lithium (TSXV: RCK) announcing last night that it has upsized its currently ongoing financing. The firm will now look to raise a total of US$41.0 million under the financing.
The financing will see the company look to sell 9.8 million units under a brokered private placement, up from 9.5 million units prior to the upsizing. units are to be sold at a price of US$4.20 per each, with each unit containing one common share and one purchase warrant.
Warrants under the offering are valid for a period of 30 months post-closing, and contain an exercise price of $6.77 share. The warrants are subject to acceleration and adjustment under certain circumstances.
Proceeds of the financing will see $31.5 million allocated to the construction of a lithium hydroxide converter and refinery facility in Guben, Germany, while $5.8 million is to be used for the further exploration of the firms Georgia Lake lithium project in Ontario. The remainder meanwhile is earmarked for general corporate purposes.
The offering is currently slated to close on December 30, 2021.
Rock Tech Lithium last traded at $6.56 on the TSX Venture.
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