Rodinia Lithium Completes Shares For Debt Settlement
Toronto, Ontario, October 2, 2014: Rodinia Lithium Inc. (“Rodinia” or the “Company”) (TSX-V: RM), has completed its share for debt settlement with Aberdeen International Inc. (“Aberdeen”) and has issued to Aberdeen 15,362,811 common shares of Rodinia (the “Common Shares”) at a deemed price of $0.065 per Common Share. The share for debt settlement represents the full and final satisfaction of $998,582.72 owing to Aberdeen pursuant to a credit facility agreement entered into between the parties on February 22, 2013 and accordingly, the credit facility agreement has been terminated.
Prior to the completion of the shares for debt settlement, Aberdeen held 2,000,000 Common Shares. Upon completion of the debt settlement Aberdeen now holds in the aggregate 17,362,811 Common Shares, representing a 13% interest in the Company. Pursuant to the rules of the TSXV, Aberdeen is considered a non-arm’s length party as Aberdeen has a common senior officer and director.
The Common Shares remain subject to a statutory hold period of four months and one day which expires on February 2, 2015 and final approval of the TSX Venture Exchange.
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 Argentina. 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 firstname.lastname@example.org.
For further information please contact
President and Chief Executive Officer
Tel: +1 (416) 309-2697
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 shares for debt settlement, anticipated timing and results of the development of the Diablillos property and the ability of the Company to complete a strategic transaction. 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.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “1933 Act”), or any state securities laws and may not be offered or sold within the United States or to, or for the account or benefit of U.S. persons (as defined in Regulation S under the 1933 Act) absent such registration or an applicable exemption from such registration requirements.
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.