Stria Lithium Closes First Tranche of a $1,000,000 Non-Brokered Private Placement
October 30, 2014 (Source: Marketwired) — 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”) announced today the close of the first tranche of a non-brokered private placement offering (the “Offering”) of up to $1,000,000.
The total private placement consists of the sale of up to 2,666,667 non flow-through units (the “Units”) at a price of $0.15 per Unit for gross proceeds of $400,000 and up to 3,157,895 flow-through units (the “Flow-Through Units”) at a price of $0.19 per Flow-Through Unit for proceeds of up to $600,000. Each Unit will consist of one (1) common share of the Company and one (1) warrant (a “Warrant”). Each Flow-Through Unit will consist of one (1) flow-through common share of the Company and one (1) Warrant. Each Warrant will entitle the holder to acquire one (1) additional common share of the Company at a price of $0.35 for a period of 24 months from closing.
The closing of the first tranche of the non flow-through portion of the Offering realized gross proceeds of $26,650.05 from the issue of 177,667 Units. The closing of the first tranche of the flow-through portion of the Offering realized proceeds of $154,770.20 from the issue of 814,580 Flow-Through Units.
In connection with the Offering, the Company paid finder’s fees totalling $3,179.40 and issued 17,780 non-transferable broker warrants with each warrant entitling the holder to acquire one (1) common share of the Company at a price of $0.35 per common share for a period of twenty-four (24) months expiring on October 29, 2016. Furthermore, Directors and Officers of the Company participated in this first tranche of the Offering for total proceeds of $130,000.25. The securities issued under the Offering are subject to a four-month hold period expiring on March 2nd, 2015.
The funds will be used to complete exploration works on its lithium properties and to further its proprietary lithium processing technologies currently in the final stage of development.
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The Offering is subject to the final approval of the TSX Venture Exchange.
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.
Raj Shah has professional experience working for over a half a dozen years at financial firms such as Merrill Lynch and First Allied Securities Inc., ... <Read more about Raj Shah>