Stria Announces the Acquisition of Pueblo Lithium LLC from AGR-O Phosphate Inc.
January 06 2014 - 8:20AM
Marketwired Canada
Stria Capital Inc. (TSX VENTURE:SRA) ("Stria" or "the Company") is pleased to
announce it has entered into an agreement with AGR-O Phosphate Inc. of
Vancouver, British Columbia to acquire 100% of Pueblo Lithium LLC, and its
Wilcox Lithium Project. The Wilcox Project is comprised of 61 lode mining claims
located in Cochise County, Arizona.
"The pairing of the Wilcox Project to our Pontax Lithium property in the James
Bay region of northern Quebec provides us with a critical foundation from which
to construct a globally competitive enterprise focused on lithium and green
energy technology minerals," said Stria President and Chief Executive Officer
Gary Economo.
"In management's view, the inevitable rebound in demand from the renewable
energy sector during the next decade - from India and China in particular -
holds the potential for emerging lithium producers and lithium-based product
developers today to compete for supply contracts in tomorrow's EV battery and
consumer electronics markets," Mr. Economo said.
He added that Stria's next steps towards advancing its projects included
procuring exploration and development financing and the addition of technical
expertise to complete its resource management component.
Terms of the purchase agreement
Under the Asset Purchase Agreement (the "Agreement"), Stria agrees to purchase
from AGR-O Phosphate Inc. (the "Vendor") and the Vendor agrees to sell, assign
and transfer to Stria 100% of Pueblo Lithium LLC in consideration for a payment
of $60,000, $30,000 of which is to be paid on signing of the Agreement and the
remaining $30,000 to be paid no later than April 1st, 2014.
The acquisition by Stria of Pueblo Lithium LLC from the Vendor is subject to
various terms and conditions set forth in the Agreement, including Board
approval and the approval of the TSX Venture Exchange (the "TSX-V"). The
Agreement constitutes a "Non Arm's Length Party" transaction under the policies
of the TSX-V given that Mr. Robin Dow, a Director of Stria, is also President
and CEO of the Vendor.
About Stria Capital Inc.
Stria recently commenced operations as a Tier 2 mining issuer. Prior to the
TSX-V approval on December 17, 2013 of the Company's acquisition of the
Pontax-Lithium property, in Quebec, as the Company's qualifying transaction,
Stria had been a Capital Pool Company. Stria is engaged on the acquisition and
development of green energy technology mineral properties in North America.
About AGR-O Phosphate Inc.
AGR-O Phosphate Inc. is a private Canadian company invested in the development
of phosphate properties in the United States. Phosphorous is considered a
critical nutrient that aids in synthesis and plant formation. The company is
headquartered in Vancouver, British Columbia.
Forward-Looking Statement
This news release contains certain information that may constitute
"forward-looking information" under applicable 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, including but not limited to: (i) volatile stock price; (ii) the
general global markets and economic conditions; (iii) the possibility of
write-downs and impairments; (iv) the risk associated with exploration,
development and operations of mineral deposits; (v) the risk associated with
establishing title to mineral properties and assets; (vi) the risks associated
with entering into joint ventures; (vii) fluctuations in commodity prices;
(viii) the risks associated with uninsurable risks arising during the course of
exploration, development and production; (ix) competition faced by the Company
in securing experienced personnel and financing; (x) access to adequate
infrastructure to support mining, processing, development and exploration
activities; (xi) the risks associated with changes in the mining regulatory
regime governing the Company; (xii) the risks associated with the various
environmental regulations the Company is subject to; (xiii) risks related to
regulatory and permitting delays; (xiv) risks related to potential conflicts of
interest; (xv) the reliance on key personnel; (xvi) liquidity risks; (xvii) the
risk of potential dilution through the issue of common shares; (xviii) the
Company does not anticipate declaring dividends in the near term; (xix) the risk
of litigation; and (xx) risk management. Forward-looking information is based on
assumptions management believes to be reasonable at the time such statements are
made, including but not limited to, continued exploration activities, no
material adverse change in metal prices, exploration and development plans
proceeding in accordance with plans and such plans achieving their stated
expected outcomes, 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,
operations 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.
FOR FURTHER INFORMATION PLEASE CONTACT:
Stria Capital Inc.
Mr. Gary Economo
President and Chief Executive Officer
613-691-1091 ext. 101
geconomo@stria.com
www.stria.com
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