Stria Lithium Inc. (TSXV:SRA) ("Stria" or the "Company") is pleased to announce the closing of its purchase of the Romer Property from Braille Energy Systems Inc. effective August 11, 2022. In exchange for a purchase price of (i) cash in the amount of $125,000; (ii) 750,000 common shares of Stria issued at a deemed price of $0.50 per share on a post-consolidated basis; and (iii) a net smelter royalty of 1% ("NSR"), Stria acquires 57 contiguous and two isolated map-designated mining claims (total surface area: 2,592.1 ha or 26 km2 in the Labrador Trough sector of Nunavik, the northern division of the Nord-du-Québec administrative region.
As previously disclosed in its news release of March 4, 2022, Stria will have the option (the "Partial NSR Buyout Option") to purchase 50% of the NSR such that the NSR is reduced from 1.0% to 0.5%. The Partial NSR Buyout Option may be exercised at any time by Stria for consideration of $500,000 payable in cash or stock or a combination thereof at Stria's discretion.
About Stria Lithium Inc.
Stria Lithium is a Canadian junior mineral exploration company with an expanding technology focus and has a 100% interest in the Pontax spodumene lithium project 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 and the Pontax Lithium project, please visit https://strialithium.com.
This News Release contains "forward-looking information" within the meaning of Canadian securities legislation. All information contained herein that is not clearly historical in nature may constitute forward-looking information. Generally, such forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information. Forward-looking information is based on assumptions management believes to be reasonable at the time such statements are made, including but not limited to, receipt of required regulatory approvals, and such other assumptions and factors as set out herein. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in the forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such forward-looking information. Such forward-looking information has been provided for the purpose of assisting investors in understanding the Company's business and operations and may not be appropriate for other purposes. Accordingly, readers should not place undue reliance on forward-looking information. Forward-looking information is made as of the date of this News Release, and the Company does not undertake to update such forward-looking information except in accordance with applicable securities laws.
For more information on Stria Lithium Inc., please contact:
CEO, Stria Lithium Inc.
Communications, Stria Lithium Inc.