OTTAWA, Jan. 14, 2019 (GLOBE NEWSWIRE) — Stria Lithium Inc. (TSX-V:SRA) (“Stria” or the “Company”) is pleased to announce it has secured an extension from the TSX Venture Exchange to complete the Company’s previously announced equity financing by February 14, 2019. The Company intends to raise an additional $500,000 as part of the Offering (defined below).
The Company closed a second tranche of its non-brokered private placement (the “Offering”) for gross proceeds of $350,000 (the “Second Tranche”). As part of the Second Tranche the Company issued 7,000,000 units (the “Units”) at a price of $0.05 per Unit. Each Unit is comprised of one (1) flow-through common share and one common share purchase warrant (a “Warrant“). Each Warrant entitles its holder to purchase one (1) common share at a price of $0.055 per common share until December 27, 2020.
In connection with the closing of the Second Tranche of the Offering, the Company paid a cash finder’s fee totaling $14,000 and issued 280,000 warrants (the “Finder Warrants”). Each Finder Warrant entitles the finder to purchase one (1) common share at a price of $0.055 per common share until December 27, 2020.
The securities issued in connection with the closing of the Second Tranche are subject to a four-month hold period expiring on April 27, 2019.
An insider of the Company participated in the first tranche of the Offering and subscribed for an aggregate of 3,500,000 Units representing an aggregate amount of $175,000. Participation of insiders of the Company in the Offering constitutes a “related party transaction” as defined under Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101“). The Offering is exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 as neither the fair market value of securities being issued to insiders nor the consideration being paid by insiders will exceed 25% of the Company’s market capitalization. The Company did not file a material change report 21 days prior to the closing of the Offering as the details of the participation of insiders of the Company had not been confirmed at that time.
The Offering is subject to the final approval of the TSX Venture Exchange.
About Stria Lithium
Stria Lithium is a Canadian junior mining exploration company with an expanding technology focus and is the sole owner of the Pontax spodumene lithium property in Northern Québec. Stria’s mission is to be a reliable, profitable global source for both lithium metal and lithium compound products and process technologies for producing value added lithium products.
Stria’s expanded business focus is on the application of in-house developed technologies and processes that lead to the production and milling of lithium metal and lithium metal foil for advanced lithium batteries. From the production of lithium metal also comes the value added production of: lithium hydroxide; lithium carbonate; lithium fluoride; and lithium chloride.
Lithium is a critical metal in the universal fight against global warming. It is a core component of Lithium-Ion batteries used for powering electric vehicles and for industrial scale energy storage.
For more information about Stria Lithium, please visit www.strialithium.com.
Neither 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.
Contact:
Stria Lithium Inc.
Mr. Gary Economo
Chief Executive Officer
+1-613-241-4040
[email protected]
www.strialithium.com
