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Rock Tech Lithium (RCK.V) is set to raise $7.3 million. Each unit comprises one common share and half a common share purchase warrant, priced at C$1.69 per share. As of noon EDT in Toronto, the stock traded at C$1.36, down 3.5% for the session, with a market cap of C$131.3 million ($95.5m).
Half of the gross proceeds (C$5 million) will finance the ongoing exploration and development of Rock Tech’s Georgia Lake lithium project in Ontario. This includes exploration drilling programs and planned consolidation of adjacent properties.
Georgia Lake Project
Located 160 km northeast of Thunder Bay, Georgia Lake is an open-pit and underground mining project. It boasts indicated mineral resources of 10.6 million tonnes grading 0.88% lithium oxide and inferred resources of 4.2 million tonnes grading at 1% lithium oxide.
A prefeasibility study released in November 2022 reveals an after-tax net present value of $146 million (at an 8% discount rate) and an internal rate of return of 36%. The mine’s construction would cost $192.2 million, with sustaining capital costs of $98.5 million, including closure after a nine-year mine life.
The Georgia Lake prefeasibility predicts an average annual spodumene concentrate production of 100,000 tonnes at a cost of $719 per tonne.
Use of Remaining Proceeds
The remaining proceeds will serve general corporate purposes and the development of the company’s converter project in Canada. In November last year, Rock Tech completed a bankable project study for the construction and operation of the lithium hydroxide converter and refinery facility in Guben, Germany.
Company Website: https://www.rocktechlithium.com
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