Stria Lithium Terminates Change of Business Transaction
Stria Lithium Inc. has terminated its letter of intent with Grafoid Inc. regarding a Change of Business transaction to license Grafoid's water purification assets. The decision follows an inability to complete due diligence due to external factors and Grafoid's incomplete financial audits. Stria's management believes this termination is in the best interest of shareholders, especially after positive drill results from the Pontax Project. Stria plans to resume trading under its symbol SRA after a prior halt.
- Stria received positive drill results from the Pontax Project, strengthening its operational outlook.
- The termination of the deal with Grafoid indicates challenges in strategic partnerships and may impact future growth opportunities.
OTTAWA, ON / ACCESSWIRE / December 8, 2021 / Stria Lithium Inc. (TSX-V:SRA) ("Stria" or the "Company") and Grafoid Inc. ("Grafoid") announced today that they have agreed to terminate the letter of intent dated July 6, 2021 which contemplated the licensing of Grafoid's water purification assets and intellectual property by Stria in a Change of Business transaction (the "Transaction") pursuant to the policies of the TSX Venture Exchange (the "Exchange"). Due to matters beyond the reasonable control of Stria and Grafoid, due diligence was unable to be completed and therefore the parties have agreed to terminate the letter of intent. Grafoid has not yet completed the necessary audits of its financial statements required for the Transaction. Furthermore, Stria's management believes, given the drill results from the Pontax Project previously announced on December 2, 2021, that terminating the Transaction is in the best interest of the Company and its shareholders.
Stria expects to resume trading on the Exchange under its trading symbol SRA, following the voluntary halt the Company implemented on July 6, 2021 when the Transaction with Grafoid was announced.
Stria is also pleased to announce that they have retained Refined Substance Inc. ("Refined Substance") to provide investor relations consulting services to the Company. Refined Substance is a Montreal-based communications and marketing firm providing investor relations services for the mining industry. Under the terms of the agreement, Refined Substance will provide investor relations services, including press release drafting and dissemination, responding to investor inquiries, and communications. Compensation payable in cash to Refined Substances will be based on an hourly rate invoiced monthly. There are no performance factors contained in the agreement. The agreement is effective as of September 30, 2021 and may be terminated upon 30 days' notice. Refined Substance and the Company are arm's length parties. Refined Substance is principally owned by Kimberly Darlington.
Forward Looking Statements
Except for statements of historical fact, this news release contains certain "forward-looking information" within the meaning of applicable securities law. Forward-looking information is frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" or "will" occur. Although we believe that the expectations reflected in the forward-looking information are reasonable, there can be no assurance that such expectations will prove to be correct. We cannot guarantee future results, performance or achievements. Consequently, there is no representation that the actual results achieved will be the same, in whole or in part, as those set out in the forward-looking information.
Forward-looking information is based on the opinions and estimates of management at the date the statements are made and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking information. Please refer to the risk factors disclosed under our profile on SEDAR at www.sedar.com. Readers are cautioned that this list of risk factors should not be construed as exhaustive.
The forward-looking information contained in this news release is expressly qualified by this cautionary statement. We undertake no duty to update any of the forward-looking information to conform such information to actual results or to changes in our expectations except as otherwise required by applicable securities legislation. Readers are cautioned not to place undue reliance on forward-looking information.
About Stria Lithium Inc.
Stria Lithium is a Canadian junior mineral exploration company with an expanding technology focus and has a
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.
For more information, please contact:
Kimberly Darlington
Communications, Stria Lithium
kimberly@refinedsubstance.com
Judith Mazvihwa-Maclean
CFO, Focus Graphite
jmazvihwa@strialithium.com
(613) 581-4040
SOURCE: Stria Lithium, Inc.
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https://www.accesswire.com/676630/Stria-Lithium-Terminates-Change-of-Business-Transaction
FAQ
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