Stria Lithium Announces Amendments to Stock Option Plan and Seeks Shareholder Approval for Grants
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T
SX: SRA.V
Stria Lithium Announces Amendments to Stock Option Plan
and Seeks Shareholder Approval for Grants
Stria Lithium, Inc. (TSX.V:SRA)
Ottawa, ON March 02, 2023 – Stria Lithium Inc. (“Stria” of the “Company”) is pleased to announce
that its board of directors have approved amendments to its 20% fixed stock option plan (the “Plan”).
The Plan amends and restates the previously existing stock option plan of t he Company to increase
the number of security -based awards issuable under the plan from 3,242,207 to 5,064,207 and to
permit the issuance of Restricted Share Units (“RSUs”).
The incorporation of RSUs as a new security -based compensation plan adopted by the Company is
included as part of the Plan. The number of RSUs and options issuable under the plan collectively
will not exceed 5,064,207.
Further details regarding the Plan, including a copy of the Plan, are included in the management
information circular of the Company which will be sent to shareholders of the Company in connection
with the annual and special Shareholders Meeting to be held March 17, 2023 (the “ Meeting”) and
which was filed and is available under the Company's profile on SEDAR at www.sedar.com. The
Plan is subject to TSX-V and shareholder approval.
At the Meeting Disinterested Shareholders (defined below) will also be asked to approve three grants
of Options to insiders that exceeded limits prescribed by the Plan and TSX -V Policy 4.4 – Security
Based Compensation:
1. On August 24, 2022, the Company announced that 2,195,000 stock options had been granted
to the Company’s directors, officers, and consultants at an exercise price of $0.17, of which
1,700,000 options were issued to insiders as a group (the “ August 24 Insider Grants ”)
including 750,000 options granted to Jeffrey York, Chairman of the Board, and 750,000
options granted to Dean Hanisch, President and CEO (the “August 24 Individual Grants”)
as well as 50,000 options granted to Robin Dow, Director; 50,000 options granted to Harry
Martyniuk, Directors; and 100,000 options granted to Judith Mazvihwa-Maclean, CFO.
2. On August 29, 2022, the Company announced that 1,240,000 stock options had been granted
to directors, officers, and consultants at an exercise price of $0.175 (the “August 29 Grant”),
of which 1,050,000 options were granted to insiders of the Company as a group (the “August
29 Insider Grants ”) including 375,000 options granted to Mr. York and 375,000 options
granted to Mr. Hanisch (the “ August 29 Individual Grants ”) as well as 25,000 options
granted to Robin Dow, Director; 25,000 options granted to Harry Martyniuk, Directors; and
250,000 options granted to Judith Mazvihwa-Maclean, CFO.
3. On November 11, 2022, the Company announced that 530,000 stock options had been granted
to insiders of the Company as a group at an exercise price of $0.35 (the “November 11 Insider
Grants”), including 190,000 options granted to Mr. York and 190,000 options granted to Mr.
Hanisch (the “November 11 Individual Grants”) as well as 25,000 options granted to Robin
Dow, Director; 25,000 options granted to Harry Martyniuk, Directors; and 100,000 options
granted to Judith Mazvihwa-Maclean, CFO.
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The August 29 Grant and the November 11 Insider Grants exceeded the limits of the number of stock
options permitted to be issued under the stock option plan approved by the shareholders at the last
annual and special meeting of Shareholders held April 19, 2022. The August 29 Insider Grants and
the November 11 Insider Grants represent an aggregate number of listed shares of the Company
issuable to insiders as a group in excess of 10% of the issued shares of the Company at the time they
were granted and in the 12-month period of the granting date. The August 24 Individual Grants, the
August 29 Individual Grants, and the November 11 Individual Grants represent an aggregate number
of Listed Shares of the Company issuable to Mr. York and Mr. Hanisch in excess of 5% of the issued
shares of the Company in a 12-month period.
A table summarizing the grants is set out below:
Insider Number of Options Exercise Price Expiry Date of the Options
Jeffrey York 750,000 $0.17 August 24, 2027
375,000 $0.175 August 29, 2027
190,000 $0.35 November 11, 2027
Dean Hanisch 750,000 $0.17 August 24, 2027
375,000 $0.175 August 29, 2027
190,000 $0.35 November 11, 2027
Robin Dow 50,000 $0.17 August 24, 2027
25,000 $0.175 August 29, 2027
25,000 $0.35 November 11, 2027
Harry Martyniuk 50,000 $0.17 August 24, 2027
25,000 $0.175 August 29, 2027
25,000 $0.35 November 11, 2027
Judith Mazvihwa-Maclean 100,000 $0.17 August 24, 2027
250,000 $0.175 August 29, 2027
100,000 $0.35 November 11, 2027
The Shareholders, excluding the votes attached to 5,352,250 Common Shares owned or controlled
by Jeffrey York, Dean Hanisch, Judith Mazvihwa-Maclean, Robin Dow, and Harry Martyniuk (the
“Disinterested Shareholders”) will be asked at the Meeting to approve the granting of the options
described above.
For more information about Stria Lithium and the Pontax Lithium project, please visit
https://strialithium.com
Follow us on:
• Twitter @StriaLithium
• Instagram @strialithium
• Facebook http://www.facebook.com/strialithium
• LinkedIn http://www.linkedin.com/company/stria-lithium/
For more information on Stria Lithium Inc., please contact:
Dean Hanisch
CEO Stria Lithium
+1(613) 612-6060
Kimberly Darlington
Communications, Stria Lithium Inc.
514-771-3398
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of
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the TSX Venture Exchange) accepts responsibility for the accuracy or adequacy of this release.
Cautionary Note Regarding Forward-Looking Information
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 con ditions “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.