Rodinia Lithium Inc. Announces Private Placement Financing With A Strategic Equity Investor
November 11, 2010
Toronto, Ontario: Rodinia Lithium Inc. (“Rodinia” or the “Company”) (TSX-V: RM; OTCQX: RDNAF), is pleased to announce that it intends to complete a non-brokered private placement financing of common shares of the Company (“Common Shares”) at a price of $0.55 per Common Share for gross proceeds of up to $1,400,000. Pricing with respect to the financing was determined in accordance with a 25% premium to the 30 day average closing price of the Common Shares on the TSX Venture Exchange as at the close of trading on November 9, 2010. One strategic investor has agreed to purchase the entire financing.
The Company intends to use the net proceeds to continue the development of its key projects and for working capital purposes. Will Randall, President and CEO, stated “We expect that these funds will allow us to aggressively pursue development of the Diablillos property, and should allow us to advance our current program towards a National Instrument 43-101 resource estimate on the property”.
The Common Shares will be subject to statutory resale restrictions. Closing of the financing is subject to receipt of regulatory approval, including final TSX Venture Exchange approval.
About Rodinia Lithium Inc.:
Rodinia Lithium Inc. is a Canadian mineral exploration company with a primary focus on lithium exploration and development in North and South America. The Company is positioned to capitalize on the expected increase in demand for lithium carbonate that is projected to result from the anticipated paradigm shift to mass adoption and use of key lithium applications like lithium-ion batteries as well as glass ceramics, greases, pharmaceuticals etc.
Rodinia is currently exploring its Clayton Valley project in Nevada, USA, which surrounds the only lithium-brine producer in North America, and its Salar de Diablillos project in Salta, Argentina.
Please visit the Company’s web site at www.rodinialithium.com or write us at firstname.lastname@example.org. Follow us on Twitter: http://twitter.com/RodiniaLithium
For further information please contact
Investor Cubed Inc.
Tel: +1 (647) 258-3310
Vice-President, Corporate Development
Tel: +1 (416) 309-2696
Except for statements of historical fact contained herein, the information in this press release constitutes “forward-looking information” within the meaning of Canadian securities law. Such forward-looking information may be identified by words such as “plans”, “proposes”, “estimates”, “intends”, “expects”, “believes”, “may”, “will” and include without limitation, statements regarding the proposed financing, the anticipated timing and impact with respect to the potential financing, the drill program at Diablillos, the potential of the Diablillos property; the potential results and timetable for further exploration with respect to the Clayton Valley project and the Diablillos property, the timetable with respect to future acquisitions and exploration developments at Clayton Valley and Diablillos, timetable for further exploration, analysis and development, title disputes or claims; and governmental approvals and regulation. There can be no assurance that such statements will prove to be accurate; actual results and future events could differ materially from such statements. Factors that could cause actual results to differ materially include, among others, metal prices, competition, financing risks, acquisition risks, risks inherent in the mining industry, and regulatory risks. Most of these factors are outside the control of the Company. 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.