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RM RouteMaster Capital Inc

0.83
0.00 (0.00%)
22 May 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type
RouteMaster Capital Inc TSXV:RM TSX Venture Common Stock
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 0.83 0.82 0.84 0 01:00:00

Rodinia Lithium Secures $2 Million Stand-by Credit Facility from Key Shareholder

27/02/2013 12:00am

Marketwired Canada


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.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Rodinia Lithium Inc.
Aaron Wolfe
Vice-President, Corporate Development
+1 (416) 309-2696
info@rodinialithium.com
www.rodinialithium.com

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