(TheNewswire)
Ottawa, ON – TheNewswire - June 22, 2023 - Stria Lithium Inc.(TSXV:SRA) (“Stria” or the “Company”) announces today it hasreceived approval from the TSX Venture Exchange (“TSX-V”) toextend the date of 5,200,000 warrants all of which are exercisable at$0.50 per common shares (the “Warrants”). The extension of theexpiry date of the Warrants by an additional 24 months was approved.The Warrants were issued as part of a private placement which closedon June 24, 2021, and accordingly the new expiry date for the Warrantsis June 24, 2025. All other terms of the Warrants remain unchanged.
A total of 740,000 Warrants are held by “relatedparties” to the Company. Therefore, the amendment of the expiry dateof the Warrants constitutes a “related party transaction” pursuantto Multilateral Instrument 61-101 Protection of Minority Security Holders in SpecialTransactions (“ MI 61-101 ”).However, the exemption from formal valuation and minority approvalrequirement found at section 5.5 and 5.7 of MI 61-101 will be reliedon as the fair market value of the Warrants does not exceed 25% of themarket cap of the company.
Stria Lithium (TSX-V:SRA) is an emerging resource exploration companydeveloping Canadian lithium reserves to meet legislated demand forelectric vehicles and their rechargeable lithium-ion batteries.
Lithium is a rare metal and an indispensable componentof rechargeable lithium-ion batteries, one of the safest and mostefficient energy storage technologies available today, used ineverything from cellphones and power tools to electric cars andindustrial-scale energy storage for renewable power sources such aswind and solar generation.
Stria’s Central Pontax Lithium Project covers 36 squarekilometres, including 8 kilometres of strike along the prospectiveChambois Greenstone Belt. Stria’s Pontax II covers 55 squarekilometres. The region, known as the Canadian “Lithium Triangle,”is one of only a few known sources of lithium available for hard rockmining in North America.
Stria’s Pontax property is situated close to anindustrial powerline and a major paved highway, about 310 km north ofthe North American rail network that leads to the industrialheartland.
As momentum builds for the green energy revolution andthe shift to electric vehicles, governments in Canada and the U.S. areaggressively supporting the North American lithium industry,presenting the industry and its investors with a rare, if notunprecedented, opportunity for growth and prosperity well into thenext decade and beyond.
Cygnus Metals is committed to fully funding andmanaging the current two-stage exploration and drilling program to amaximum of $10 million at Stria’s Pontax property, and will also payStria up to $6 million in cash. In return, Cygnus may acquire up to a70% interest in the property.
Stria is committed to exceeding the industry’senvironmental, social and governance standards. A critical part ofthat commitment is forging meaningful, enduring and mutuallybeneficial relationships with the James Bay Cree Nation (Eeyouch), andengaging openly and respectfully as neighboursand collaborators in this exciting project that has the potential tocreate lasting jobs and prosperity for Eeyou Istchee and its people.
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
Investors Relations, Stria Lithium Inc.
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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