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One World Lithium Announces Closing of the Second Tranche of Its Private Placement and Appointment of New Director
May 24, 2018 9:00 AM EDT | Source: One World Lithium
Vancouver, British Columbia--(Newsfile Corp. - May 24, 2018) - One World lithium Inc. (CSE: OWLI) (the "Company") announces that it has closed the second tranche of its previously announced non-brokered private placement. The Company has raised an additional $522,100 through the Issuance of 3,480,665 units at a price of $0.15 per unit. Each Unit will consist of one common share in the capital of the Company and one non-transferable common share purchase warrant. Each warrant will entitle the holder thereof to acquire one additional share, at a price of $0.20 per warrant share for a period of 24 months from the closing date of the Offering. All securities are subject to a four month and one day hold from the closing date. The aggregate gross proceeds under the first and second tranche totalled $1,550,750.
Use of Proceeds
The net proceeds will be used primarily for funding the Salar Del Diablo exploration programs as well as for corporate purposes and working capital.
Director Appointment and Stock Options
The Company is also pleased to announce that its Board of Directors has appointed Kevin Milledge to the board effective May 23, 2018. The Company has granted him incentive stock options to purchase up to 100,000 common shares of the Company at a price of $0.15 per share. The stock options are exercisable on or before May 23, 2020 and are fully vested.
Doug Fulcher, CEO, is pleased to report "the Private Placement has been oversubscribed. The Company is currently compiling the geophysical and geochemical survey data with the geological mapping prior to selecting several drill targets on its Salar del Diablo Lithium Property. The Company is also planning to apply for an OTC QB and a Frankfurt Exchange listing over the next few months."
About One World Lithium Inc.
One World Lithium Inc. is an exploration and development Company. The Company has an option to acquire a 90% interest in the 75,400 hectare Salar del Diablo Property in Mexico.
On behalf of the Board of Directors of One World Lithium Inc.,
"Douglas Fulcher"
Douglas Fulcher, CEO and President
For further information, please contact corpdev@oneworldlithium.com or visit the Company's web site at www.oneworldlithium.com
The Canadian Securities Exchange does not accept responsibility for the adequacy or accuracy of this release. Statements in this press release, other than purely historical information, including statements relating to the Company's future plans and objectives or expected results, may include forward-looking statements. Forward-looking statements are based on numerous assumptions and are subject to all of the risks and uncertainties inherent in resource exploration and development. As a result, actual results may vary materially from those described in the forward-looking statements.