[ACCESSWIRE]
Vancouver, BC / ACCESSWIRE / February 6, 2015 / Rock Tech Lithium Inc. (TSX-Venture: RCK) (the "Company" or "Rock Tech") announces that it has terminated the planned reverse takeover ("RTO") of Brainworks Capital Management (Private) Limited ("Brainworks Capital").
After much deliberation, Rock Tech's board determined that the probability of receiving unconditional regulatory approval in the near future was sufficiently low to warrant cancelation of the RTO. The terms of the Share Purchase Agreement do not call for the payment of a breakup fee by either party.
The cancelation of the RTO provides the Company with the opportunity to capitalize on current market conditions and focus on acquiring and developing exploration properties. With the Georgia Lake lithium and Lochaber graphite properties, the Company has demonstrated its ability to acquire highly prospective properties, complete successful exploration programs and sell assets to experienced partners to develop them further. The Company intends to leverage these capabilities to become a leading diversified project incubator.
The Company's diverse, international board of directors provides a competitive advantage with respect to access to investors and projects in jurisdictions otherwise difficult to reach. The Company has been experiencing elevated deal flow in recent months - also in the context of the RTO process with an African partner - along with feedback from current and potential investors expressing their desire to remain in the exploration industry. Management has already begun discussions and is optimistic regarding its ability to sufficiently capitalize the Company to execute its vision.
Other Recent Developments
In January, 2015, the Company completed the sale of its Lochaber graphite property to Great Lakes Graphite Inc. ("Great Lakes"). As of the date of this news release, the Company holds 10.6% of the issued and outstanding shares of Great Lakes. The Lochaber project has tremendous potential and the Great Lakes team is actively working on a maiden NI 43-101 resource estimate for the property. Also the Company agreed to extend to February 28, 2015, the Letter of Intent ("LOI") with Ultra Lithium Inc. ("ULI") with respect to the sale of the Georgia Lake lithium property.
The Company will work with the TSX Venture Exchange to satisfy any conditions regarding the lifting of the trading halt.
On behalf of the Board of Directors,
"DIRK HARBECKE"
Director
For more information, please contact:
Brad Barnett
Telephone: (604) 376-5874
Facsimile: (604) 670-0033
Email: [email protected]
Disclaimer and Cautionary Statement Regarding Forward-Looking Information
Neither the 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 press release. This news release shall not constitute an offer to sell or the solicitation of an offer to buy securities in any jurisdiction.
All statements, trend analysis and other information contained in this press release relative to markets about anticipated future events or results constitute forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as "seek", "anticipate", "believe", "plan", "estimate", "expect" and "intend" and statements that an event or result "may", "will", "should", "could" or "might" occur or be achieved and other similar expressions. Forward-looking statements are subject to business and economic risks and uncertainties and other factors that could cause actual results of operations to differ materially from those contained in the forward-looking statements. Forward-looking statements are based on estimates and opinions of management at the date the statements are made. The Company does not undertake any obligation to update forward-looking statements even if circumstances or management's estimates or opinions should change. Investors should not place undue reliance on forward-looking statements.
SOURCE: Rock Tech Lithium Inc.
