NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
OTTAWA, Nov. 10, 2017 (GLOBE NEWSWIRE) -- Stria Lithium Inc. (SRA.V) (“Stria” or the “Company”) is pleased to announce that it has closed its previously-announced private placement by issuing 6,150,000 Flow-Through Units at a price of $0.05 per unit, for gross proceeds to Stria of $307,500. Each of the units is comprised of one common share and one common share purchase warrant (the “Warrant”). Each warrant will entitle the holder to acquire one additional common share of Stria at a price of $0.05 until November 9, 2021.
The securities issued in connection with the closing of the Offering are subject to a four-month hold period expiring on March 10, 2018. The Offering is subject to the final approval of the TSX Venture Exchange.
A director and an officer of the Company purchased a total of 3,000,000 Flow-Through Units. Their participation under the Offering constitutes a “related party transaction” as defined under National Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“NI 61-101”). However, such participation is exempt from the valuation and minority shareholder approval requirements of NI 61-101 based on the fact that (i) no securities of the issuer are listed or quoted on any stock exchange mentioned on Section 5.7(b)(i) of the Regulation 61-101; (ii) neither the fair market value of the securities being issued nor the consideration to be received for those securities, as the transaction involves interested parties, exceeds $2,500,000; (iii) the issuer has one or more independent directors in respect of the transaction who are not employees of the issuer; and (iv) at least two-thirds of the directors described previously approve the transaction. As for the disclosure requirement, the issuer will file a Material Change Report in accordance with Section 5.2 of the Regulation 61-101.
About Stria Lithium Inc.
Stria 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.
Stria is part of the 2GL Platform green energy technology strategic alliance with Grafoid Inc., Focus Graphite Inc. and Braille Battery Inc.
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 accuracy or adequacy of this release.
Contact:
Stria Lithium Inc.
Gary Economo, CEO
613 241-4040
geconomo@strialithium.com
www.strialithium.com