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Stria Lithium Inc. Announces Closing of Shares for Debt Transaction
OTTAWA , ON / ACCESSWIRE / June 14, 2021 / Stria Lithium Inc. ("Stria" or the 'Company') (...
About this update from Stria Lithium Inc.
[{"type":"text","content":"Stria Lithium Inc. Announces Closing of Shares for Debt TransactionOTTAWA, ON / ACCESSWIRE / June 14, 2021 / Stria Lithium Inc. (\"Stria\" or the 'Company') (TSXV:SRA), announced today that further to its June 1, 2021 news release, it settled outstanding indebtedness in the aggregate amount of $500,000 owing to JJJY Holdings Inc., a holding company controlled by a director and Chairman of the Board of the Company, through the issuance of 20,000,000 common shares of the Company at a deemed price of $0.025 per share (the \"Debt Settlement\"). The common shares issued in connection with the Debt Settlement are subject to a hold period that will expire on October 15, 2021.The issuance of the shares pursuant to the Debt Settlement is considered to be a 'related party transaction' as defined under Multilateral Instrument 61-101 - Protection of Minority Securityholders in Special Transactions (\"MI 61-101\") as the creditor is a company controlled by a director and Chairman of the Board of Stria. The Debt Settlement is exempt from the formal valuation requirements of MI 61-101 pursuant to subsection 5.5(b) of MI 61-101 as the Company is not listed on a specified exchange.In accordance with MI 61-101 and the policies of the Exchange, the Debt Settlement is subject to minority shareholder approval. The Company sought and obtained minority shareholder approval of the Debt Settlement at the Company's Annual General and Special Meeting on May 21, 2021.About Stria LithiumStria Lithium is a Canadian junior mineral exploration company with an expanding technology focus and is the sole owner of the Pontax spodumene lithium property in Northern Québec.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.For more information about Stria Lithium, please visit www.strialithium.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.Cautionary Note Regarding Forward-Looking StatementsThis news release contains 'forward-looking statements'. Forward-looking statements can be identified by words such as: 'anticipate,' 'intend,' 'plan,' 'goal,' 'seek,' 'be...