OTTAWA, ONTARIO, June 24, 2021 – Stria Lithium Inc. (“Stria” or the “Company”) (TSX-V: SRA), is pleased to announce that it has closed its previously announced non-brokered private placement (the “Offering”) for total aggregate gross proceeds of $1,300,000. Pursuant to the Offering, the Company issued 52,000,000 units (the “Units”) at a price of $0.025 per Unit. Each Unit consists of 1 common share and 1 common share purchase warrant (the “Warrant”). Each Warrant is exercisable into common shares (the “Warrant Share”) at a price of $0.05 per Warrant Share until June 24, 2023.
In connection with the closing of the Offering, the Company paid cash finder’s fees totaling $12,000 and issued 480,000 non-transferable finder’s warrants (the “Finders Warrants”). Each Finders Warrant entitles the holder to acquire one (1) common share of the Company at a price of $0.05 per common share until June 24, 2023.
The securities issued in connection with the Offering are subject to a four-month and one day hold period expiring October 25, 2021.
Two insiders of the Company participated in the Offering and subscribed for an aggregate of 7,000,000 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 (“61-101“). The Offering is exempt from the formal valuation and minority shareholder approval requirements of 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 mineral exploration company with an expanding technology focus and is the sole owner of the Pontax spodumene lithium property in Northern Québec.
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.
Cautionary Note Regarding Forward-Looking Statements
This news release contains “forward-looking statements”. Forward-looking statements can be identified by words such as: “anticipate,” “intend,” “plan,” “goal,” “seek,” “believe,” “project,” “estimate,” “expect,” “strategy,” “future,” “likely,” “may,” “should,” “will” and similar references to future periods. Examples of forward-looking statements include, among others, statements we make regarding the closing of the Transaction and the number of shares issuable to the Lender in the Transaction.
Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Our actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others, the fluctuations in the trading price of the Company’s listed shares and obtaining necessary approvals of shareholders and the TSXV to complete the Transaction.
Any forward-looking statement made by us in this news release is based only on information currently available to us and speaks only as of the date on which it is made. Except as required by applicable securities laws, we undertake no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.
Stria Lithium Inc.