OTTAWA, 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 Lithium
Stria 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 Statements
This news release contains 'forward-looking statements'. Forward-looking statements can be identified by words such as: 'anticipate,' 'intend,' 'plan,' 'goal,' 'seek,' 'believe,' 'project,' 'estimate,' 'expect,' 'strategy,' 'future,' 'likely,' 'may,' 'should,' 'will' and similar references to future periods. Examples of forward-looking statements include, among others, statements we make regarding the closing of the Transaction and the number of shares issuable to the Lender in the Transaction.
Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Our actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others, the fluctuations in the trading price of the Company's listed shares and obtaining necessary approvals of shareholders and the TSXV to complete the Transaction.
Any forward-looking statement made by us in this news release is based only on information currently available to us and speaks only as of the date on which it is made. Except as required by applicable securities laws, we undertake no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.
Investor Contacts:
Scott Anderson
Investor Relations
(858) 229-7063
sanderson@nextcap-ir.com
Stria Lithium Inc.
Judith Mazvihwa-MacLean
CFO
(613) 581-4040
jmazvihwa@grafoid.com
SOURCE: Stria Lithium Inc.
View source version on accesswire.com:
https://www.accesswire.com/651704/Stria-Lithium-Inc-Announces-Closing-of-Shares-for-Debt-Transaction
