(TheNewswire)
Ottawa, ON - TheNewswire- March 02, 2023 - Stria LithiumInc. (“Stria” of the“Company”) (TSX.V:SRA) is pleased to announce that its board ofdirectors have approved amendments to its 20% fixed stock option plan(the “Plan”).
The Plan amends and restates the previously existing stockoption plan of the Company to increase the number of security-basedawards issuable under the plan from 3,242,207 to 5,064,207 and topermit the issuance of Restricted Share Units (“ RSUs ”).
The incorporation of RSUs as a new security-basedcompensation plan adopted by the Company is included as part of thePlan. The number of RSUs and options issuable under the plancollectively will not exceed 5,064,207.?
Further details regarding the Plan, including a copy ofthe Plan, are included in the management information circular of theCompany which will be sent to shareholders of the Company inconnection with the annual and special Shareholders Meeting to be heldMarch 17, 2023 (the “ Meeting ”) and which was filed and isavailable under the Company's profile on SEDAR atwww.sedar.com. The Plan is subject to TSX-V andshareholder approval.
At the Meeting Disinterested Shareholders (definedbelow) will also be asked to approve three grants of Options toinsiders that exceeded limits prescribed by the Plan and TSX-V Policy4.4 – Security BasedCompensation :
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On August 24, 2022, the Company announced that2,195,000 stock options had been granted to the Company’s directors,officers, and consultants at an exercise price of $0.17, of which1,700,000 options were issued to insiders as a group (the“ August 24 InsiderGrants ”) including 750,000 options granted toJeffrey York, Chairman of the Board, and 750,000 options granted toDean Hanisch, President and CEO (the “ August 24 Individual Grants ”) as well as 50,000 options granted to Robin Dow,Director; 50,000 options granted to Harry Martyniuk, Directors; and100,000 options granted to Judith Mazvihwa-Maclean, CFO.
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On August 29, 2022, the Company announced that1,240,000 stock options had been granted to directors, officers, andconsultants at an exercise price of $0.175 (the August 29 Grant ”),of which 1,050,000 options were granted to insiders of the Company asa group (the “ August 29Insider Grants ”) including 375,000 optionsgranted to Mr. York and 375,000 options granted to Mr. Hanisch (the“ August 29 IndividualGrants ”) as well as 25,000 options granted toRobin Dow, Director; 25,000 options granted to Harry Martyniuk,Directors; and 250,000 options granted to Judith Mazvihwa-Maclean,CFO.
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On November 11, 2022, the Company announced that530,000 stock options had been granted to insiders of the Company asa group at an exercise price of $0.35 (the “November 11 InsiderGrants”), including 190,000 options granted to Mr. York and 190,000options granted to Mr. Hanisch (the “November 11 IndividualGrants”) as well as 25,000 options granted to Robin Dow, Director;25,000 options granted to Harry Martyniuk, Directors; and 100,000options granted to Judith Mazvihwa-Maclean, CFO.
The August 29 Grant and the November 11 Insider Grantsexceeded the limits of the number of stock options permitted to beissued under the stock option plan approved by the shareholders at thelast annual and special meeting of Shareholders held April 19, 2022.The August 29 Insider Grants and the November 11 Insider Grantsrepresent an aggregate number of listed shares of the Company issuableto insiders as a group in excess of 10% of the issued shares of theCompany at the time they were granted and in the 12-month period ofthe granting date. The August 24 Individual Grants, the August 29Individual Grants, and the November 11 Individual Grants represent anaggregate number of Listed Shares of the Company issuable to Mr. Yorkand Mr. Hanisch in excess of 5% of the issued shares of the Company ina 12-month period.
A table summarizing the grants is set out below:
Insider | Number of Options | Exercise Price | Expiry Date of the Options |
Jeffrey York | 750,000 | $0.17 | August 24, 2027 |
375,000 | $0.175 | August 29, 2027 | |
190,000 | $0.35 | November 11, 2027 | |
Dean Hanisch | 750,000 | $0.17 | August 24, 2027 |
375,000 | $0.175 | August 29, 2027 | |
190,000 | $0.35 | November 11, 2027 | |
Robin Dow | 50,000 | $0.17 | August 24, 2027 |
25,000 | $0.175 | August 29, 2027 | |
25,000 | $0.35 | November 11, 2027 | |
Harry Martyniuk | 50,000 | $0.17 | August 24, 2027 |
25,000 | $0.175 | August 29, 2027 | |
25,000 | $0.35 | November 11, 2027 | |
Judith Mazvihwa-Maclean | 100,000 | $0.17 | August 24, 2027 |
250,000 | $0.175 | August 29, 2027 | |
100,000 | $0.35 | November 11, 2027 |
The Shareholders, excluding the votes attached to5,352,250 Common Shares owned or controlled by Jeffrey York, DeanHanisch, Judith Mazvihwa-Maclean, Robin Dow, and Harry Martyniuk (the“ DisinterestedShareholders ”) will be asked at the Meeting toapprove the granting of the options described above.
For more information about Stria Lithium and the PontaxLithium project, please visit https://strialithium.com
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For more information on Stria LithiumInc., please contact:
Dean Hanisch
CEO Stria Lithium
+1(613) 612-6060
Kimberly Darlington
Communications, Stria Lithium Inc.
514-771-3398
Neither TSX Venture Exchange nor itsRegulation Services Provider (as that term is defined in the policiesof the TSX Venture Exchange) accepts responsibility for the accuracyor adequacy of this release.
Cautionary Note RegardingForward-Looking Information
Except for statements of historical fact, this newsrelease contains certain “forward-looking information” within themeaning of applicable securities law. Forward-looking information isfrequently characterized by words such as “plan”, “expect”,“project”, “intend”, “believe”, “anticipate”,“estimate” and other similar words, or statements that certainevents or conditions “may” or “will” occur. Although webelieve that the expectations reflected in the forward-lookinginformation are reasonable, there can be no assurance that suchexpectations will prove to be correct. We cannot guarantee futureresults, performance or achievements. Consequently, there is norepresentation that the actual results achieved will be the same, inwhole or in part, as those set out in the forward-lookinginformation.
Forward-looking information is based on the opinionsand estimates of management at the date the statements are made andare subject to a variety of risks and uncertainties and other factorsthat could cause actual events or results to differ materially fromthose anticipated in the forward-looking information. Please refer tothe risk factors disclosed under our profile on SEDAR atwww.sedar.com. Readers are cautioned that this list of risk factorsshould not be construed as exhaustive.
The forward-looking information contained in this newsrelease is expressly qualified by this cautionary statement. Weundertake no duty to update any of the forward-looking information toconform such information to actual results or to changes in ourexpectations except as otherwise required by applicable securitieslegislation. Readers are cautioned not to place undue reliance onforward-looking information.
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