(TheNewswire)
VANCOUVER, BC - TheNewswire – December 08, 2021 - One World LithiumInc. (CSE:OWLI) (OTC:OWRDF) (the “Company”) (“OWL”) ispleased to announce it has closed a second and final tranche of itspreviously announced non-brokered private placement of up to30,000,000 units (each, a “ Unit ”) at a price of $0.06 per Unit forgross proceeds of up to $1,800,000. (the “ Offering ”). On thesecond tranche closing the Company issued 17,350,843 Units for grossproceeds of $1,041,050.60. Including the proceeds from the firsttranche, the Company has raised $1,807,271.20 under the Offering. TheOffering has been oversubscribed.
Each Unit consists of one common share of the Company(a “ Common Share ”) and one full non-transferable Common Share purchasewarrant (each whole warrant, a “ Warrant ”). EachWarrant will entitle the holder to purchase one Common Share at aprice of $0.12 for a period of 36 months from the closing of theOffering. All securities are subject to a fourmonth and one day hold from the closing date.
The net proceeds of the Offering will be used primarilyfor the additional diamond drilling and exploration on its Salar delDiablo Lithium Brine Property, advancement of its potential lithiumseparation technology and the balance for working capital.
The Company also announces that is has grantedincentive stock options to a consultant of theCompany to purchase up to an aggregate of 750,000 common shares of theCompany at an exercise price of $0.09 per commonshare, being the closing price the closing priceof the Company’s common shares on the Canadian Stock Exchange onDecember 07, 2021 . The stock options areexercisable on or before December 06, 2024, with 375,000 vesting onFebruary 08, 2022 and 375,000 vesting on May 08, 2022. The options were granted in accordance with the Company’sStock Option Plan.
In addition, the Company also announces that effectiveon December 08, 2021 the Company will amend theexpiry date (the “Amendment”) of an aggregate of 4,292,000outstanding common share purchase warrants (the “Warrants”) thatare currently exercisable to acquire common shares of the Company at aprice of $0.10 until December 23, 2021. Under the Amendment, the termof the Warrants will be extended by an additional twelve months (12)such that they will now be exercisable until December 23, 2022. Allother Warrant terms remain the same.
About One World Lithium Inc.
One World Lithium Inc. is an exploration anddevelopment company focused on lithium in brine projects and newlithium separation technologies. It currently has earned a 60%property interest in the Salar del Diablo property. On completing thesouthern drill program, OWL will earn an additional 20% propertyinterest and has an option to purchase a further 10% property interestfor a total of a
90% property interest in the 103,450 hectare (399square mile) Salar del Diablo Lithium Brine project located in theState of Baja California, Mexico.
On behalf of the Board of Directors of OneWorld Lithium Inc.,
“DouglasFulcher”
President and Chief Executive Officer
For further information please visit www.oneworldlithium.com or email info@oneworldlithium.com
or call 1-604-564-2017 Extension-3.
Forward-Looking Information: Thispress release may include forward looking information within themeaning of Canadian securities legislation. Forward lookinginformation is based on certain key expectations and assumptions madeby the management of the OWL, including the intention of OWL to proceed with the advancement ofthe Property and the new critical separation technology. Although OWLbelieves that the expectations and assumptions on which such forwardlooking information is based are reasonable, undue reliance should notbe placed on the forward-looking information because OWL can give noassurance that they will prove to be correct. Forward lookingstatements contained in this press release are made as of the date ofthis press release. OWL disclaims any intent or obligation to updatepublically any forward-looking information, whether as a result of newinformation, future events or results or otherwise, other than asrequired by applicable securities laws. There can be no assurance thatsuch statements will prove to be accurate and actual results andfuture events could differ materially from the those anticipated insuch statements, important factors that could cause actual results todiffer materially from the company’s expectations include: (I)inability of OWL to execute its business plan and raise the requiredfinancing (II) accuracy of mineral or resource exploration activity(III) continued access to mineral property and (IV) risks and marketfluctuations common to the mining industry and lithium sector inparticular (V) advancement in new technologies. The reader iscautioned that assumptions used in the preparation of anyforward-looking information may prove to be incorrect. Events orcircumstances may cause actual results to differ materially from thosepredicted, as a result of numerous known and unknown risks,uncertainties, and other factors, some of which are beyond the controlof the OWL. The reader is cautioned not to place undue reliance on anyforward-looking information contained in this press release.
Neither the Canadian SecuritiesExchange nor its Market Regulator (as that term is defined in thepolicies of the Canadian Securities Exchange) accepts responsibilityfor the adequacy or accuracy of this release.
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