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One World Lithium closes oversubscribed financing raising C$2.25 million primarily for Salar del Diablo advancement

Published: 12:00 02 Mar 2021 EST

One World Lithium Inc. -
OWL issued just over 45 million units priced at C$0.05 in the oversubscribed offering

One World Lithium Inc (CSE:OWLI) (OTCMKTS:OWRDF) announced Tuesday that it had closed an oversubscribed non-brokered private placement raising just over C$2.25 million to advance its Salar del Diablo lithium brine property in Mexico.

The company had originally planned to raise C$1.5 million, but wound up issuing an additional 15,022,210 units for $751,110.50, netting gross proceeds of $2,251,110.50.

All told, OWL issued just over 45 million units priced at C$0.05 in the oversubscribed offering. Each unit consisted of one share and one warrant exercisable at $0.10 per share for a three-year period.

READ: One World Lithium to start proof of concept program testing potential lithium separation technology

Proceeds from the offering will be used primarily for a drilling program on the southern portion of Salar del Diablo, which will allow the company to boost its 60% stake in the property to 80%. Additional funds will go towards advancing its potential lithium separation technology and working capital, according to OWL.

“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,” OWL CEO Doug Fulcher said in a statement. “We appreciate our shareholder’s confidence.” 

OWL said it had received binding commitments for participation in the offering from a member of its board of directors, including the extended management team in the aggregate of $30,000 or 600,000 units.

Salar del Diablo is located in the State of Baja California, Mexico.  OWL will earn the additional 20% property interest on completing its two remaining drill holes with an option to purchase  a further 10% property interest for a total of a 90% working interest in the 103,450-hectare project

The company also said it had granted incentive stock options under its stock option plan to certain directors, officers, management and consultants to purchase up to an aggregate of 4.9 million shares, exercisable on or before March 01, 2023, at a price $0.13 per share, which was the closing price of the company’s shares on the Canadian Stock Exchange on March 01, 2021.

Contact Angela at angela@proactiveinvestors.com

Follow her on Twitter @AHarmantas

One World Lithium waiting for assay results from drilling program at Salar...

One World Lithium Director Tim Brock joined Steve Darling from Proactive to share news the company’s drill program at Salar Del Diablo Lithium Brine Project in Mexico is still ongoing. The company saying DDH-4 reached a depth of 381 meters on October 2, 2021, with an expected total depth of 600...

on 10/25/2021