OTTAWA, ONTARIO--(Marketwired - March 23, 2015) -
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
Stria Lithium Inc. (News - Market indicators) ("Stria" or the "Company") is pleased to announce that it has closed the first tranche of a non-brokered private placement. The closing of the first tranche of the Offering realized gross proceeds of $346,000 from the issue of 4,325,000 Units.
The total private placement consists of the sale of up to 12,500,000 units (the "Units") at a price of $0.08 per Unit for gross proceeds of $1,000,000 (the "Offering"). Each Unit will consist of one (1) common share of the Company and one (1) warrant (a "Warrant"). Each Warrant will entitle the holder to acquire one (1) additional common share of the Company at a price of $0.10 for a period of 48 months from closing.
In connection with the Offering, the Company paid finder's fees totalling $25,680 and issued 321,000 non-transferable broker warrants with each warrant entitling the holder to acquire one (1) common share of the Company at a price of $0.10 per common share for a period of 48 months expiring on March 20, 2019. Furthermore, Directors and Officers of the Company participated in this first tranche of the Offering for total gross proceeds of $25,000.
The securities issued under the Offering are subject to a four-month hold period expiring on July 21, 2015. The proceeds of the Offering will be used for working capital.
The Offering is subject to the final approval of the TSX Venture Exchange.
About Stria Lithium Inc.
Stria Lithium (News - Market indicators) is a technology mining company that is developing proprietary, in-house processing technologies for lithium projects with the purpose of reducing processing costs on an environmentally sustainable basis. Stria owns the Pontax spodumene lithium property in Northern Quebec and the Willcox brine lithium property in southeastern Arizona.
Stria's technologies, based on recovering lithium metal directly from ore and from brine liquids, will be more efficient, will require fewer controls, less chemistry and require less energy from compact facilities designed to enable easy automation.
Forward Looking Statement - Disclaimer
This news release may contain forward-looking statements, being statements which are not historical facts, and discussions of future plans and objectives. There can be no assurance that such statements will prove accurate. Such statements are necessarily based upon a number of estimates and assumptions that are subject to numerous risks and uncertainties that could cause actual results and future events to differ materially from those anticipated or projected. Important factors that could cause actual results to differ materially from the Company's expectations are in our documents filed from time to time with the TSX Venture Exchange and provincial securities regulators, most of which are available at www.sedar.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.