Rock Tech Lithium Inc. (TSXV:RCK) entered into a loan agreement with BTI International, a private partnership that specializes in providing venture finance to micro-cap and small-cap companies. BTI International is to provide CDN $600,000 in debt financing.
As quoted in the press release:
The Loan will bear interest at a rate of 10% per annum. The principal amount of the Loan, along with accrued interest thereon, will mature and be due and payable on February 25, 2014. The principal amount of the Loan and interest accrued thereon may be converted at the Lender’s option to acquire shares of the Company at a price of $0.10 per share.
Rock Tech Lithium Inc. Vice President of Exploration and interim CEO, Afzaal Pirzada said:
The conversion price negotiated is a strong signal regarding our opinion of the current market valuation of the Company.
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