One World closes $1.04M final tranche of financing
2021-12-08 12:18 ET – News Release
Mr. Douglas Fulcher reports
ONE WORLD LITHIUM ANNOUNCES CLOSING OF NON-BROKERED PRIVATE PLACEMENT
One World Lithium Inc. has closed the second/final tranche of its previously announced non-brokered private placement of up to 30 million units at a price of six cents per unit for gross proceeds of up to $1.8-million. In the second tranche closing, the company issued 17,350,843 units for gross proceeds of $1,041,050.60. Including the proceeds from the first tranche, the company has raised $1,807,271.20 under the offering. The offering has been oversubscribed.
Each unit consists of one common share of the company and one full non-transferable common share purchase warrant. Each warrant will entitle the holder to purchase one common share at a price of 12 cents for a period of 36 months from the closing of the offering. All securities are subject to a four-month-and-one-day hold from the closing date.
The net proceeds of the offering will be used primarily for: additional diamond drilling and exploration on the company’s Salar del Diablo lithium brine property; advancement of its potential lithium separation technology; and working capital.
The company has also granted incentive stock options to a consultant of the company to purchase up to an aggregate of 750,000 common shares of the company at an exercise price of nine cents per common share, being the closing price of the company’s common shares on the Canadian Securities Exchange on Dec. 7, 2021. The stock options are exercisable on or before Dec. 6, 2024, with 375,000 options vesting on Feb. 8, 2022, and 375,000 options vesting on May 8, 2022. The options were granted in accordance with the company’s stock option plan.
In addition, effective on Dec. 8, 2021, the company will amend the expiry date of an aggregate of 4,292,000 outstanding common share purchase warrants that are currently exercisable to acquire common shares of the company at a price of 10 cents per share until Dec. 23, 2021. Under the amendment, the term of the warrants will be extended by an additional 12 months, such that they will be exercisable until Dec. 23, 2022. All other warrant terms remain the same.
About One World Lithium Inc.
One World Lithium is an exploration and development company focused on lithium-in-brine projects and new lithium separation technologies. It has earned a 60-per-cent property interest in the Salar del Diablo property. Upon completion of the southern drill program, One World Lithium will earn an additional 20-per-cent property interest and has an option to purchase a further 10-per-cent property interest for a total of a 90-per-cent property interest in the 103,450-hectare (399-square-mile) Salar del Diablo lithium brine project, located in the state of Baja California, Mexico.
We seek Safe Harbor.
Related Posts
Tags
Share This
