OTTAWA, ONTARIO--(Marketwired - Jan. 27, 2017) -
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") announces the closing of a non-brokered private placement (the "Offering") for gross proceeds of $444,000. The Company has issued 8,880,000 units (the "Units") at a price of $0.05 per Unit. Each Unit is comprised of one (1) common share and one common share purchase warrant (a "Warrant"). Each Warrant entitles its holder to purchase one (1) common share at a price of $0.05 per common share until January 27, 2022. Additionally, following the expiry of the regulatory hold period, should the closing price of Stria's common shares on the TSX Venture Exchange be equal to or higher than $0.15 for 10 consecutive trading days, the Company shall have the right to force the exercise of the warrants by providing the warrant holders with a 30-day notice period, following which the warrants will automatically expire.
In connection with the closing of the Offering, the Company paid cash finder's fees totaling $32,000 and issued 640,000 non-transferable warrants, each warrant entitling the holder to acquire one (1) common share of the Company at a price of $0.05 per common share until January 27, 2022.
The securities issued in connection with the closing the Offering are subject to a four-month hold period expiring on May 28, 2017. The Offering is subject to the final approval of the TSX Venture Exchange.
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 Quebec. 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 strategy alliance with Grafoid Inc., Focus Graphite Inc. and Braille Battery Inc.
This news release may contain forward-looking statements, being statements that 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 accuracy or adequacy of this release.