Stria Lithium Closes Non-Brokered Private Placement for an Amount of $94,500
OTTAWA, ONTARIO--(Marketwired - Oct. 23, 2015) - NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.
Stria Lithium Inc. (TSX VENTURE:SRA) ("Stria" or the "Company") is pleased to announce the closing of a non brokered private placement (the "Offering") for gross proceeds of $94,500. The Company has issued 1,890,000 units (the "Units") at a price of $0.05 per Unit, each Unit being comprised of one (1) common share of the Company and one common share purchase warrant (a "Warrant"), each Warrant entitling the holder thereof to acquire one (1) additional common share of the Company at a price of $0.07 per share until October 23, 2019.
The securities issued in connection with the closing of the Offering are subject to a four-month hold period expiring on February 24, 2016. The Offering is subject to the final approval of the TSX Venture Exchange.
An insider of the Company participated in the Offering and subscribed for an aggregate of 1,000,000 Units representing an aggregate amount of $50,000. Participation of the insider of the Company in 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"). The Offering is exempt from the formal valuation and minority shareholder approval requirements of NI 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.
About Stria Lithium Inc.
Stria Lithium owns the Pontax spodumene lithium property in Northern Quebec and the Willcox brine lithium property in Southeastern Arizona. As announced in January 2014, Stria is developing proprietary, in-house processing technologies for both projects with the purpose of reducing costs on an environmentally sustainable basis. 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.
Contact
Stria Lithium Inc.
Gary Economo
Chief Executive Officer
613 241-4040
geconomo@strialithium.com
