TORONTO, ONTARIO--(Marketwired - March 27, 2014) -
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Rodinia Lithium Inc. ("Rodinia" or the "Company") (TSX VENTURE:RM), has closed the first tranche of its previously announced non-brokered private placement financing for gross proceeds in the amount of $872,500. The Company issued 17,450,000 units (the "Units") at a price of $0.05 per Unit. Each Unit consists 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 until March 27, 2016. In the event the Company decides to increase the size of the private placement, closing of the second and final tranche will occur on or before April 15, 2014.
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 Common Shares, Warrants and shares underlying the Warrants will be subject to a four month and one day statutory hold period expiring on July 28, 2014. Closing of the private placement transaction remains subject to the receipt of all regulatory approvals, including final approval of the TSX Venture Exchange.
The Company paid finder's fees of $42,150 plus applicable taxes, to certain arm's length finders in connection with the private placement.
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.
Please visit the Company's web site at www.rodinialithium.com or write us at firstname.lastname@example.org.
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.
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