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OTTAWA, Jan. 23, 2018 (GLOBE NEWSWIRE) -- Stria Lithium Inc. (TSX-V:SRA) (“Stria” or the “Company”) is pleased to announce that it has closed a private placement by issuing 5,000,000 units (the “Units”) at a price of $0.0525 per Unit, for gross proceeds to Stria of $262,500 (the “Offering”). Each Unit is comprised of one common share and one common share purchase warrant (the “Warrant”). Each Warrant will entitle the holder to acquire one additional common share of Stria at a price of $0.07 until January 22, 2022.
In connection with the Offering, the Company paid a finder’s fee totaling $18,375 in cash and issued 350,000 non-transferable “broker warrants”, representing an amount equal to 7% of the number of Units sold through such finder. Each of the “broker warrants” entitles its holder to purchase one additional common share of the Company at a price of $0.07 until January 22, 2021.
The securities issued in connection with the closing of the Offering are subject to (i) a four-month hold period expiring on May 23, 2018 and (ii) a securities loan and pledge arrangement with two directors and officers of the Company. The Offering is subject to the final approval of the TSX Venture Exchange.
Stria expects to hold additional closings of the private placement, subject to an aggregate maximum of $500,000.025 (9,523,810 units).
Stria would like to announce that, effective today, Marc-Andre Bernier resigned from his position as Director of Stria Lithium for health reasons. Mr. Bernier will continue to assist Stria with the development of the Pontax Lithium project, and will continue as Stria’s Qualified Person for the Pontax Project.
We wish him all the best in his future endeavours.
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 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.
Stria is part of the 2GL Platform green energy technology strategy alliance with Grafoid Inc., Focus Graphite Inc. and Braille Battery Inc.
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.
Contact:
Stria Lithium Inc.
Gary Economo, President & CEO
613 702-0789
geconomo@strialithium.com
www.strialithium.com