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Stria Lithium (TSXV:SRA) has closed the first tranche of a non-brokered private placement for gross proceeds of $346,000. Proceeds from the offering will be used as working capital.
As quoted in the press release:
The total private placement consists of the sale of up to 12,500,000 units (the “Units”) at a price of $0.08 per Unit for gross proceeds of $1,000,000 (the “Offering”). Each Unit will consist of one (1) common share of the Company and one (1) warrant (a “Warrant”). Each Warrant will entitle the holder to acquire one (1) additional common share of the Company at a price of $0.10 for a period of 48 months from closing.
In connection with the Offering, the Company paid finder’s fees totalling $25,680 and issued 321,000 non-transferable broker warrants with each warrant entitling the holder to acquire one (1) common share of the Company at a price of $0.10 per common share for a period of 48 months expiring on March 20, 2019. Furthermore, Directors and Officers of the Company participated in this first tranche of the Offering for total gross proceeds of $25,000.
The securities issued under the Offering are subject to a four-month hold period expiring on July 21, 2015. The proceeds of the Offering will be used for working capital.
The Offering is subject to the final approval of the TSX Venture Exchange.
In other news, the company provided an update on its proprietary lithium processing technology at the end of January. As quoted in Stria’s January 20 press release:
Stria’s novel technology, is designed to produce low-cost and high purity lithium directly from spodumene lithium ore.
Stria is currently at the design stage of its pilot plant and has engaged an external, third party engineering firm to validate and audit its proprietary process. The pilot plant will be designed to produce up to 140 kg per month of lithium compound over a minimum six months with the aim of providing potential customers with sufficient 99.99% purity materials for validating process economics and product quality.
Click here to read the Stria Lithium (TSXV:SRA) press release