OTTAWA, April 10, 2019 (GLOBE NEWSWIRE) -- Stria Lithium Inc. (SRA.V) (“Stria” or the “Company”) announces today the closing of its previously announced equity financing (the “Offering”). The Company closed the Offering in two tranches as announced on December 12, 2018 and January 14, 2019. In total the Company raised gross proceeds of $500,000 and issued a total of 10,000,000 flow-through units (a “Unit”). Each Unit is comprised of one (1) flow-through common share and one common share purchase warrant. As previously disclosed, 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.
Two insiders of the Company participated in the first tranche of the Offering and subscribed for an aggregate of 3,000,000 Units representing an aggregate amount of approximately $150,000. One insider participated in the second tranche of the Offering and subscribed for an aggregate of an additional 3,500,000 Units representing an aggregate amount of approximately $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 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 is also announcing that, effective April 5, 2019, Robin Dow, HBA, MBA, FCSI has been appointed to its Board of Directors after the passing of Chester Burtt. Mr. Dow has more than 35 years of experience in financing public resource companies, and has raised over $150 million since he started Dow Group in 1988. Mr. Dow’s appointment remains subject to the approval of the TSX Venture Exchange.
The Company also announced the grant of 2,500,000 incentive stock options to its directors, officers, employees, and consultants. The options are to purchase up to 2,500,000 common shares of the Company at an exercise price of $0.05 per share and expire on April 10, 2024.
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.
Stria Lithium Inc.
Mr. Gary Economo
Chief Executive Officer