|By Marketwired .||
|January 6, 2014 09:20 AM EST||
OTTAWA, ONTARIO -- (Marketwired) -- 01/06/14 -- 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.
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.