OTTAWA, ON/ACCESSWIRE/March 4, 2022/ Stria Lithium Inc. (TSX-V:SRA) (“streak“) announces that it has entered into a letter of intent (the “Letter“) for the purchase of the Romer Polymetallic property which includes 57 contiguous mining titles and two isolated mining titles designated on a map (total area: 2,592.1 ha or 26 km2 (the “Goods) of Braille Energy Systems Inc. (“Braille“).
The Property is located in the Labrador Trough sector in Nunavik, the northern division of the administrative region of Nord-du-Québec. The Property straddles the junction between SNRC topographic sheets 24K-03 (Lac Géridot) and 24K-04 (Lac Thévenet) and covers portions of ungranted townships 5051, 5052 and 5151. It is bounded by latitudes 58°06’30 ” and 58°12’30” North and longitudes 69°29’00” and 69°38’00” West. The property is a preliminary exploration project located in the Labrador Trough which is considered a potential emerging region of Quebec for base (Cu-Zn-Ni) and precious (Au-PGE) metal mineralization.
The consideration for the property should be: (i) a cash amount of $125,000; (ii) 7,500,000 common shares of Stria issued at a deemed price of $0.05 per share; and (iii) a 1% net smelter royalty (“NSR“). Stria will have the possibility (the “NSR Partial Redemption Option“) to purchase 50% of the NSR such that the NSR is reduced from 1.0% to 0.5%. The option to partially redeem the NSR may be exercised at any time by Stria for consideration of $500,000 payable in cash or stock or a combination of both at Stria’s discretion.
The proposed acquisition of the property remains subject to customary closing conditions, including satisfactory review of title by Stria, execution of the property acquisition agreement and the TSX Venture Exchange (the “To exchange“) approval.
Braille owns an 89.95% interest in Braille Holdings Inc., which owns a 100% interest in Braille Battery Inc. Braille Battery is an established battery manufacturing and energy storage company that supplies batteries to the professional motorsport industry and the pioneer of a full range of high power lightweight battery systems for the transport market. Prior to its acquisition of Braille Holdings through a reverse takeover transaction, Braille was a TSXV-listed junior mining issuer. The Property is its only mining asset.
The proposed acquisition of the property is considered a non-arm’s length transaction under Exchange policies, as certain directors and officers act for both Stria and Braille. Stria and Braille will seek the required stock exchange approvals in order to complete the proposed transaction. No new controlling person will be created upon closing of the proposed transaction, the non-arm’s length parties will not receive more than 10% of the issued and outstanding shares of Stria in consideration for ownership, and the ownership does not represent a sale of more than 50% of Braille’s assets, business or enterprise. No finder’s fee is payable by either party with respect to the transactions described herein.
About Braille Energy Systems Inc.
Braille Energy Systems Inc. owns an 89.95% interest in Braille Holdings Inc., which owns a 100% interest in Braille Battery Inc. Braille Battery is an established battery manufacturing and energy storage company that provides batteries to the professional motorsports industry and pioneered a full line of lightweight, high power battery systems for the transportation market. Braille Energy Systems (BESI) will extend its market penetration to a wider range of market segments requiring lightweight, high-performance energy solutions using the most scientifically advanced materials.
For more information on BESI and Braille Battery products, please visit our website at: www.brailleenergysystemsinc.com or www.braillebattery.com.
About Stria Lithium Inc.
Stria Lithium is an expanding technology-focused Canadian junior mining exploration company and owns a 100% interest in the Pontax spodumene lithium project in northern Quebec.
Lithium is a critical metal in the universal fight against global warming. It is an essential component of lithium-ion batteries used to power electric vehicles and for industrial-scale energy storage.
For more information on Stria Lithium and the Pontax Lithium project, please visit http://strialithium.com.
This press release contains “forward-looking information” within the meaning of Canadian securities laws. Any 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 planned”, “budget”, “expected”, “estimated”, “anticipates”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of these words and expressions or states that certain actions, events or results “could”, “could”, “could”, “might” or “will”, “occur” or “will be realized”. 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 differ materially from those expressed or implied by such forward-looking information, including but not limited to limited to: (i) volatile stock price; (ii) general world markets and economic conditions; (iii) ) the possibility of write-downs and impairments; (iv) the risk associated with the exploration, development and exploitation of mineral deposits; (v) the risk associated with establishing title and mining assets; (vi) risks associated with the creation of joint ventures; (vii) fluctuations in commodity prices; (viii) risks associated with uninsurable risks arising during exploration, development and production; (ix) the competition the Company faces for experienced personnel and funding; (x) access to adequate infrastructure to support mining, processing, development and exploration activities; (xi) risks associated with changes to the mining regulatory regime governing the Company; (xii) the risks associated with the various environmental regulations to which the Company is subject; (xiii) risks relating to regulatory and approval delays; (xiv) risks related to potential conflicts of interest; (xv) reliance on key personnel; (xvi) liquidity risks; and (xvii) the risk of potential dilution through the issuance of common stock. Forward-looking information is based on assumptions that management believes to be reasonable at the time such statements are made, including, but not limited to, continued exploration activities, the absence of material adverse change in the prices of metals, exploration and development plans proceeding in accordance with plans and such plans achieve their stated expected results, receipt of required regulatory approvals and other assumptions and factors set forth 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 those anticipated, estimated or expected. 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. This forward-looking information has been provided for the purpose of assisting investors in understanding the Company’s business, operating and exploration plans 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 press release, and the Company does not undertake to update such forward-looking information except in accordance with applicable securities laws.
Neither the 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 accuracy of this release.
For more information about Stria Lithium Inc., please contact:
Communications, Stria Lithium Inc.
Judith T. Mazvihwa-MacLean
Chief Financial Officer, Stria Lithium Inc.
THE SOURCE: Stria Lithium, Inc.
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