Business
Stria Lithium Closes a Non-Brokered Offering for an Amount of $500,000
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
About this update from Stria Lithium Inc.
[{"type":"text","content":"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 $500,000. The Company has issued 5,000,000 flow-through units (the \"Flow-Through Units\") at a price of $0.05 per Flow-Through Unit and 5,000,000 units (the \"Units\") at a price of $0.05 per Unit. Each Flow-Through Unit is comprised of one (1) flow-through common share and one half (1/2) of one common share purchase warrant (each whole warrant a \"Warrant\"). Each Unit is comprised of one (1) common share and one (1) Warrant. Each Warrant entitles its holder to purchase one (1) common share at a price of $0.05 per share until April 13, 2021. In connection with the closing of the Offering, the Company paid cash finder's fees totaling $18,848 and issued 376,690 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 April 13, 2021. The securities issued in connection with the closing of the first tranche of the Offering are subject to a four-month hold period expiring on August 14, 2016. The Offering is subject to the final approval of the TSX Venture Exchange. The company will use the proceeds for general working capital and exploration expenditures. Two insiders of the Company participated in the Offering and subscribed for an aggregate of 1,940,000 Flow-Through Units and 400,000 Units representing an aggregate amount of $117,000. Participation of insiders of the Company in the Offering constitutes a \"related party transaction\" as defined under Regulation 61-101 respecting Protection of Minority Security Holders in Special Transactions (\"Regulation 61-101\"). The Offering is exempt from the formal valuation and minority shareholder approval requirements of Regulation 61-101 as neither the fair market value of securities being issued to insiders nor the consideration being paid by insiders will exceed 25% of the Company's market capitalization. The Company did not file a material change report 21 days prior to the closing of the Offering as the details of the participation of insiders of the Company had not been confirmed at that time. About Stria Stria Lithium Inc. (TSX VENTURE:SRA) is a Canadian junior mining exploration company with an expanding technology focus an...