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Stria Lithium Inc. Provides Further Update to Shares for Debt Transaction & Non-Brokered Private Placement
OTTAWA , ON / ACCESSWIRE / June 2, 2021 / Stria Lithium Inc. ("Stria" or the "Company") (...
About this update from Stria Lithium Inc.
[{"type":"text","content":"Stria Lithium Inc. Provides Further Update to Shares for Debt Transaction & Non-Brokered Private PlacementOTTAWA, ON / ACCESSWIRE / June 2, 2021 / Stria Lithium Inc. (\"Stria\" or the \"Company\") (TSXV:SRA), is pleased to provide the following updates to the shares for debt transaction previously announced September 28, 2020, March 17, 2021, April 1, 2021, and May 14, 2021 (the \"Shares for Debt Transaction\") and a non-brokered private placement previously announced March 17, 2021 (the \"Offering\").Shares for DebtFurther to the news release dated March 17, 2021, the Company is pleased to announce that it has finalized the terms of the previously announced Shares for Debt Transaction and will issue an aggregate of 20,000,000 common shares in the capital of the Company (the \"Common Shares\") at a deemed price of $0.025 per share to settled $500,000 in outstanding debt.Transaction 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 Shares for Debt Transaction 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 Shares for Debt Transaction is subject to minority shareholder approval. The Company sought and obtained minority shareholder approval of the Shares for Debt Transaction at the Company's Annual General and Special Meeting on May 21, 2021.Completion of the Shares for Debt Transaction is subject to approval of the TSX Venture Exchange (the \"Exchange\").Private PlacementStria is also pleased to provide an update with regard to an Offering of up to 52,000,000 units (the \"Units\") of the Company at a price of $0.025 per Unit (the \"Offering Price\") for aggregate gross proceeds to the Company of up to $1,300,000. Each Unit will consist of one Common Shares and one non-transferable common share purchase warrant (a \"Warrant\") of the Company. Each Warrant will entitle the holder thereof to acquire one Common Share (a \"Warrant Share\") at an exercise price per Warrant Share of $0.05 for a period of 2 years from the closing of the Offerin...