Rock Tech lithium amends and closes option agreement on Boston lake claims in thunder bay mining district.
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
Rock Tech Amends and Closes Option Agreement on Boston Lake Claims in Thunder Bay Mining District,
