Rodinia Lithium Announces Increase to Private Placement Financing
March 24, 2014 (Source: Marketwired) — Rodinia Lithium Inc. (“Rodinia” or the “Company”) (TSX VENTURE:RM)(OTCQX:RDNAF), announces that due to strong response from investors, the Company has increased its non-brokered private placement financing to $875,000 from its initially targeted $500,000 financing, announced on March 10, 2014. The increased financing will be completed through the issuance of 17,500,000 units of the Company (the “Units”) at a price of $0.05 per Unit for gross proceeds of $875,000. Each Unit shall consist of one common share of the Company (a “Common Share”) and one common share purchase warrant (each a “Warrant”), entitling the holder to acquire a Common Share at $0.10 for a period of 24 months from the date of issuance.
The Company intends to use the net proceeds to continue development of its Salar de Diablillos lithium-potash property located in Salta Province, Argentina and for general working capital purposes.
The Company may, subject to additional interest received, increase the size of the private placement to include other existing and new accredited investors.
The Common Shares, Warrants and shares underlying the Warrants will be subject to a four month and one day statutory hold period. Closing of the private placement transaction remains subject to the receipt of all regulatory approvals, including the approval of the TSX Venture Exchange. The private placement will be non-brokered; however, the Company may pay finder’s fees in accordance with the rules and policies of the TSX Venture Exchange.
About Rodinia Lithium Inc.:
Rodinia Lithium Inc. is a Canadian mineral exploration and development company with a primary focus on Lithium exploration and development in Argentina. The Company is also actively exploring the commercialization of a significant Potash co-product that is expected to be recoverable through the lithium harvesting process.
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Except for statements of historical fact contained herein, the information in this press release may be deemed to constitute “forward-looking information” within the meaning of Canadian securities law. Such forward-looking information may include, without limitation, statements (express or implied) regarding the private placement financing, anticipated timing and results of the development of the Diablillos property and the ability of the Company to complete a strategic transaction. There can be no assurance that such statements (express or implied) will prove to be accurate, and actual results and future events could differ materially from such statements. Investors are cautioned not to put undue reliance on forward-looking information. Except as otherwise required by applicable securities statutes or regulation, the Company expressly disclaims any intent or obligation to update publicly forward-looking information, whether as a result of new information, future events or otherwise.
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 RELEASE.
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