| By Marketwire . | Article Rating: |
|
| February 26, 2013 08:00 PM EST | Reads: |
193 |
TORONTO, ONTARIO -- (Marketwire) -- 02/27/13 -- Rodinia Lithium Inc. ("Rodinia" or the "Company") (TSX VENTURE:RM)(OTCQX:RDNAF) is pleased to announce it has entered into a $2.0 million stand-by credit facility (the "Credit Facility") with Aberdeen International Inc. ("Aberdeen"). Aberdeen is currently a significant shareholder of Rodinia, is a long-time supporter of the Company, and is a member of the Forbes & Manhattan Inc. group of companies.
Under the Credit Facility, Rodinia has the ability to draw down amounts up to a maximum of $2.0 million (subject to the terms of the Credit Facility), with repayment of any draw down to be made by February 25, 2016. Any amounts drawn down will bear interest at 10% per annum, payable quarterly in arrears, with the first installment due on June 30, 2013. As at September 30, 2012 (the Company's most recent financial statements for the third quarter), the Company had $621,000 in cash and no debt. Rodinia expects that its current funding will be sufficient to fund its operations through the delivery of a revised National Instrument 43-101 Mineral Resource Estimate and Feasibility Study for its Salar de Diablilos lithium-potash project in Salta, Argentina.
"The Credit Facility is a tremendous vote of confidence from one of our largest shareholders. It insulates us from market uncertainty and provides a ready source of non-dilutive funding, if required, in the future," said Aaron Wolfe, Vice President Corporate Development of Rodinia. "We very much appreciate the on-going support of one of the Company's longest and largest shareholders as we continue to achieve our short term milestones."
In consideration for Aberdeen's commitment under the Credit Facility, Rodinia has agreed to secure the Credit Facility against its Salar de Centenario assets. No fees or warrants have been issued in relation to the establishment of the Credit Facility. Promptly after signing the Credit Facility, the Company will draw down $300,000 from the line of credit.
Aberdeen is a non-arm's length party; as such term is defined by the TSX-Venture Exchange, as Aberdeen and Rodinia have a common senior officer.
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 North and South America. 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 info@rodinialithium.com.
Cautionary Notes
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 anticipated effects of the results and the impact of the Credit Facility. 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.
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.
Contacts:
Rodinia Lithium Inc.
Aaron Wolfe
Vice-President, Corporate Development
+1 (416) 309-2696
info@rodinialithium.com
www.rodinialithium.com
Published February 26, 2013 Reads 193
Copyright © 2013 SYS-CON Media, Inc. — All Rights Reserved.
Syndicated stories and blog feeds, all rights reserved by the author.
More Stories By Marketwire .
Copyright © 2009 Marketwire. All rights reserved. All the news releases provided by Market Wire are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.
- Cloud People: A Who's Who of Cloud Computing
- Cloud Expo New York Speaker Profile: Dave Linthicum – Cloud Technology Partners
- Cloud Expo New York: Cloud Is Changing the Economics of Business
- Best CIO Practices Shared from SHI’s Customers
- Cloud Expo New York: Deploying Hybrid Cloud for Performance and Uptime
- Cloud Expo New York: Delivering Digital Marketing on the Cloud
- Big Data Isn’t About the Database, It’s About the Application
- Cloud Expo New York: Rethink IT and Reinvent Business with IBM SmartCloud
- Cloudant to Exhibit at Cloud Expo & Big Data Expo New York
- BEA Updates WebLogic SOA Portal for Web 2.0 Era
- How to Move Your Oracle Databases to Amazon EC2 Cloud
- The Accessibility of the Cloud
- Cloud People: A Who's Who of Cloud Computing
- Cloud Expo New York: Best CIO Practices Shared from SHI’s Customers
- Cloud Expo New York Speaker Profile: Dave Linthicum – Cloud Technology Partners
- Cloud Expo New York: Cloud Is Changing the Economics of Business
- Cloud Expo New York: How to Use Google Apps Script
- Cloud Computing Bootcamp at Cloud Expo New York
- Rackspace Hosting Named “Platinum Plus Sponsor” of Cloud Expo New York
- Best CIO Practices Shared from SHI’s Customers
- Cloud Expo New York: Why Big Data Is Really About Small Data
- Cloud Expo New York: Deploying Hybrid Cloud for Performance and Uptime
- Cloud Expo New York: Delivering Digital Marketing on the Cloud
- Small Cancers, Big Data, and a Life Examined
- The i-Technology Right Stuff
- The Top 150 Players in Cloud Computing
- Who Are The All-Time Heroes of i-Technology?
- Where Are RIA Technologies Headed in 2008?
- Get the Message
- i-Technology Viewpoint: Is Web 2.0 the Global SOA?
- ESB Myth Busters: 10 Enterprise Service Bus Myths Debunked
- i-Technology Viewpoint: Thinking Outside the VC Box
- i-Technology Viewpoint: When to Leave Your First IT Job
- SOA Web Services Edge Conference Coverage on SYS-CON.TV
- SYS-CON.TV's "SOA Web Services" and "Enterprise Open Source" Programs To Air in December
- Five Reasons Why Web 2.0 Matters






















