ONE WORLD LITHIUM ANNOUNCES CLOSING OF OVERSUBSCRIBED NON-BROKERED PRIVATE PLACEMENT
March 02, 2021
Vancouver, British Columbia via COGNITIVE CORPORATE SERVICES www.CognitiveCorp.ca
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
One World Lithium Inc. announces that it has closed its previously announced $1,500,000 non-brokered private placement for gross proceeds of 2,246,110.50 CAD.
(CSE-OWLI) (OTCQB-OWRDF)
The private placement closed with the issuance of 44,922,210 units priced at $0.05 per Unit. The private placement has been oversubscribed, resulting in the issuance of an additional 14,922,210 Units for 746,110.50 CAD.
Each Unit consists of one common share and one non-transferable common share purchase warrant. Each Warrant will entitle the holder thereof to acquire one common share, at 0.10 CAD per common share for a period of 36 months from the closing date of the Offering. All Securities are subject to a four-month and one-day hold period from the closing date.
The net proceeds of the Offering will be used primarily for the Salar del Diablo Lithium Brine Property southern drilling program, advancement of its potential lithium separation technology and the balance for working capital.
Closing the Private Placement is a milestone for the Company to fund an aggressive exploration program at its Salar del Diablo Lithium Brine Project as well as advancing the potential for a critical fluid separation technology – Douglas Fulcher, One World Lithium Inc. CEO and director
We appreciate our shareholder’s confidence. – Douglas Fulcher, One World Lithium Inc. CEO and director
One World Lithium Inc. has received binding commitments for participation in the Offering from members of the Company’s board of directors including the extended management team in the aggregate of 30,000 CAD or 600,000 Units.
The Company also announces that it has granted incentive stock options to certain consultants and a director of the One World Lithium Inc. to purchase up to an aggregate of 4.9M common shares of the Company at 0.13 CAD per common share.
The Offering will be exempt from the valuation and the minority shareholder approval requirements of MI 61-101 by virtue of the exemptions contained in section 5.5(a) and 5.7(1)(a), respectively, as neither the fair market value of the consideration for the Units nor the value of the Units issuable to “related parties” is more than 25% of the Company’s market capitalization
About
One World Lithium Inc. (CSE-OWLI) (OTCQB-OWRDF)
One World Lithium Inc. is an exploration and development company focused on lithium in brine projects and new lithium separation technologies.
It currently has earned a 60% property interest in the Salar del Diablo property.
On completing the southern drill program, One World Lithium Inc. will earn an additional 20% property interest and has an option to purchase a further 10% property interest for a total of a 90% property interest in the 103,450 hectares (399 square miles) Salar del Diablo Lithium Brine project located in the State of Baja California, Mexico.
For more information on One World Lithium Inc., contact
John Costigan
604-620-8589
This news release does not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities, in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”), or any state securities laws, and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. Persons (as defined in Regulation S under the U.S. Securities Act) unless an exemption from such registration is available.
Forward-Looking Information: This press release may include forward looking information within the meaning of Canadian securities legislation. Forward looking information is based on certain key expectations and assumptions made by the management of the OWL, including the intention of OWL to proceed with the advancement of the Property and the new critical separation technology. Although OWL believes that the expectations and assumptions on which such forward looking information is based are reasonable, undue reliance should not be placed on the forward-looking information because OWL can give no assurance that they will prove to be correct. Forward looking statements contained in this press release are made as of the date of this press release. OWL disclaims any intent or obligation to update publically any forward-looking information, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from the those anticipated in such statements, important factors that could cause actual results to differ materially from the company’s expectations include: (I) inability of OWL to execute its business plan and raise the required financing (II) accuracy of mineral or resource exploration activity (III) continued access to mineral property and (IV) risks and market fluctuations common to the mining industry and lithium sector in particular (V) advancement in new technologies. The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, some of which are beyond the control of the OWL. The reader is cautioned not to place undue reliance on any forward-looking information contained in this press release.
Neither the Canadian Securities Exchange nor its Market Regulator (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from the those anticipated in such statements, important factors that could cause actual results to differ materially from the company’s expectations include: (I) inability of OWL to execute its business plan and raise the required financing (II) accuracy of mineral or resource exploration activity (III) continued access to mineral property and (IV) risks and market fluctuations common to the mining industry and lithium sector in particular (V) advancement in new technologies. The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, some of which are beyond the control of the OWL. The reader is cautioned not to place undue reliance on any forward-looking information contained in this press release.
Neither the Canadian Securities Exchange nor its Market Regulator (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
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