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Stria Lithium is pleased to announce that it has received the final milestone payment in option 1 of the earn in agreement with a payment of C$2 million in Cygnus Metals shares
(TheNewswire) Ottawa, ON – TheNewswire - July 05, 2023 - Stria Lithi...
About this update from Stria Lithium Inc.
[{"type":"text","content":"Stria Lithium is pleased to announce that it has received the final milestone payment in option 1 of the earn in agreement with a payment of C$2 million in Cygnus Metals shares\n \n \n (TheNewswire)\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Ottawa, ON –\n \n \n TheNewswire\n-\n \n \n July 05, 2023 - Stria Lithium Inc. (TSXV:SRA)\n(“Stria” or the “Company”)\n \n \n is pleased to\nannounce it has received the final milestone payment of C$2 million in\nCygnus Metals shares.  Cygnus Metals\n \n \n (ASX:CY5)\n \n \n has now earned 51 per cent of Pontax Central by\nspending C$4 million on exploration at the project and paying Stria\nC$3 million in payments (refer TSX/V release dated July 28\n \n \n th\n \n \n , 2022).\n \n \n \n \n Under the first option, Cygnus Metals (ASX:CY5) can\nacquire a 51% undivided interest in Pontax Central by incurring\nexploration expenditures in the amount of $4 million and paying Stria\na total of $3 million of which Stria has already received $1 million.\n Stria is pleased to announce it has agreed to receive the remaining\n$2 million dollars in shares of Cygnus Metals.\n \n \n \n \n As a demonstration of the\nco-operation between Stria Lithium and Cygnus Metals the parties have\nagreed that the C$2 million payable upon achieving this milestone will\nbe satisfied by the issue of Cygnus fully paid ordinary shares.\n Cygnus is already a 7% shareholder of Stria and these CY5 shares\nissued to Stria result in positive cross ownership between both\npartners.\n \n \n \n \n A total of 9,129,825 shares have\nbeen issued to Stria at a deemed price of A$0.2475 per share\n(C$0.2191), being close to the 10-day VWAP of Cygnus shares.\n \n \n \n \n Judith Mazvihwa-Maclean, CFO of\nStria Lithium, said today\n \n \n : “Cygnus Metals continues to exceed our\nexpectations in the rapid development of the Pontax Central project.\nThis trend seems to be consistent within their portfolio of projects\nin the James Bay region. To this end we are pleased to become\nshareholders.”\n \n \n \n \n Cygnus has claimed they continue to be on track to\nrelease a Maiden Mineral Resource (JORC) for Pontax Central late July\nor early August 2023.\n \n \n \n \n \n \n \n \n About Stria Lithium\n \n ...