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Rock Tech Lithium Inc. (TSXV:RCK,FWB:RJIA) recieved exchange approval for the $600,000 convertible loan, which has an interest rate of 10%. The principal amount of the loan and any interest accumulated may be converted at the lender’s option to acquire shares of the Company, at $0.10 a share.
As quoted in the press release:
The loan has an interest rate of 10% and is due on March 13, 2014. The principal amount of the loan and any interest accrued thereon may be converted at the lender’s option to acquire shares of the Company at a price of 10 cents per share. Any securities issued in connection with the loan will be subject to a statutory hold period, expiring July 14, 2013.
Click here to read the Rock Tech Lithium Inc. (TSXV:RCK,FWB:RJIA) press release
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