Stria Lithium plans private placement for up to $1 million

Stria Lithium Inc. (TSXV: SRA) announced it intends to complete a non-brokered private placement for gross proceeds of up to $1 million, subject to TSX Venture Exchange acceptance.

The company proposes to issue up to 2,380,952 units at $0.42 per unit. Each unit consists of one common share and one warrant. The warrants allow holders to purchase additional common shares at $0.52 per share for three years from the issuance date.

Stria will use the proceeds for advancing mineral exploration assets and operations, potential acquisitions, and general working capital purposes.

Company insiders may participate in the financing. Such participation would constitute a related party transaction under Multilateral Instrument 61-101, though the company expects exemptions from formal valuation and minority shareholder approval requirements as neither securities value nor consideration is expected to exceed 25% of market capitalization.

The company may pay finders' fees in accordance with TSXV policies. All securities issued will be subject to a four-month and one-day statutory hold period from the issuance date.

Stria operates the Central Pontax Lithium Project covering 36 square kilometers in Quebec's James Bay region. The company has a joint venture with Cygnus Metals, which has earned a 51% interest in the property after fulfilling stage one requirements. Cygnus committed to funding up to $10 million in exploration and drilling programs and paying Stria up to $6 million in cash, with the potential to acquire up to 70% interest in the property.

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