OTTAWA, ON / ACCESSWIRE / April 1, 2021 / Stria Lithium Inc. ("Stria" or the "Company") (TSX-V:SRA), today announced that further to its news release issued March 17, 2021, Stria Lithium has amended the loan referenced in the same March 17, 2021 news release.
The original loan was made on May 25, 2020 in the amount of $500,000 (the "Principal") by way of secured promissory note (the "Note") to a non-arm's length lender. No interest is payable on the Principal and repayment is due on May 25, 2021.
The terms of the loan have been amended to affirm the parties' original intention that the loan is an unsecured debt of the Company. The Note was amended to remove any reference to security being granted by the Company to the lender. The Company and the lender intend on converting the debt to shares, subject to the approval of the TSX Venture Exchange, as disclosed on May 17, 2021.
The loan was a "related party transaction" for purposes of Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101"). The transaction is exempt from the valuation and minority approval requirements of MI 61-101 in accordance with sections 5.5(b) and 5.7(f) as the Company is not listed on a specified market and the commercial terms of the loan are reasonable and not less advantageous to the Company than if the loan was obtained from a person dealing at arm's length. The Company did not file a material change report more than 21 days before the expected closing of the loan, as required by MI 61-101, since the details of the loan were not settled until shortly prior to the closing of the transaction and the Company wished to close on an expedited basis for sound business reasons.
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.
Investor Contacts:
Scott Anderson
Investor Relations
(858) 229-7063
[email protected]
Stria Lithium Inc.
Judith Mazvihwa-MacLean
CFO
(613) 581-4040
[email protected]
SOURCE: Stria Lithium Inc.