Friday, 15 March 2013

Rock Tech Lithium gets $600,000 loan approved

Rock Tech Lithium (CVE:RCK) says it has received approval from the TSX Venture Exchange for the $600,000 loan transaction it announced last month. 
The new funds will be used for working capital and to deal with "short term" obligations, the lithium and graphite explorer said. 
The loan, which is due on March 13, 2014, is secured over all of the company's present and after-acquired personal property, and will bear interest at a rate of 10% per year. 
The principal amount of the loan and any interest accrued can be converted at the lender's option to acquire shares of the company at a price of 10 cents each.  
The Canadian junior has lately been unveiling a series of high grade graphite drilling results from its Lochaber property in Quebec. 
Earlier this week, it revealed the latest drill results, with intercepts returning up to 5.79% graphitic carbon (Cg), and showing promising subsurface widths. 
Notable results announced included 7.00 metres of 2.06% Cg in hole PB-12-20, while hole PB-12-20A intersected 165.79 metres of Cg at two levels, with grades ranging from 1.41% Cg to 2.21% Cg, including 127.52 metres at 2.21% Cg.
Rock Tech says that to date, it has received results for 21 drill holes and seven trenches. Assay results for the remaining 14 drill holes completed during the fourth quarter of 2012 are pending, along with resubmitted core samples from the first phase of drilling.
The company's geophysical surveys and drill programs have focused exclusively on the Plumbago area of the property, which includes only four of the 32 claims subject to the property option agreement.
A maiden NI 43-101 resource estimate is being planned for Lochaber, which will be based solely on this area.

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