One World Lithium Inc. Announces Termination of Its Mogollon Property and Provides an Update on Management Cease Trade Order
Vancouver, British Columbia--(Newsfile Corp. - June 13, 2018) - One World Lithium Inc. (CSE: OWLI) ("OWL" or the "Company") announces that effective June 13, 2018, the Company terminated its Option Agreement to purchase 100% of Allegiant Gold Ltd.'s interests in the Mogollon Silver and Gold Property located in New Mexico, USA. Pursuant to the Company's news release dated March 9, 2018, the Company originally intended to prepare and file a current technical report on the Mogollon Project to reflect its early stage of exploration and to recommend a suitable work program to advance the property in the near future (the "Technical Report"). As a result of the termination of the Option Agreement and the corresponding loss of the Company's interest in the Mogollon Project, the Company advises that it will no longer be filing the Technical Report.
The Company's board of directors and management have recently re-evaluated the Company's exploration programs and concluded that, going forward, the Company intends to solely focus on lithium properties of merit. As a result, the Company intends to continue its focus on the exploration and development of its Salar del Diablo Lithium Property in Mexico for the balance of 2018.
Doug Fulcher, President and CEO noted, "It is unfortunate to lose the exploration and development exposure to the Mogollon Project; however, our Company's exploration team has expertise in lithium exploration and development which paves the way for the Company's future exploration for lithium."
The Company is also pleased to announce that it will be filing on June 14, 2018 its audited annual financial statements and management's discussion and analysis ("MD&A") for the year ended December 31, 2017, along with its first fiscal quarter financial statements and MD&A for the period ended March 31, 2018.
On May 1, 2018, the British Columbia Securities Commission issued a management cease trade order against the Company and its executives, as opposed to a cease trade order against the Company and all of its securityholders, for failure to file its audited annual financial statements and MD&A for the year ended December 31, 2017, together with the related certifications, on or before the prescribed filing deadline of April 30, 2018 as required by National Instrument 51-102, Continuous Disclosure Obligations, and NI 52-109, Certification of Disclosure in Issuers' Annual and Interim Filings, respectively. Pursuant to the requirements of National Policy 12-203, Management Cease Trade Orders, the Company is required to issue bi-weekly default status reports, in the form of news releases, with respect to its efforts to achieve compliance.
About One World Lithium Inc.
One World Lithium Inc. is an exploration Company with its primary focus on exploring and developing lithium projects of merit. It has an option to acquire up to a 90% working interest in the 75,400 hectares (290 square miles or 754 square kilometers), which covers a salar located in Baja California, Mexico.
On behalf of the Board of Directors of One World Lithium Inc.,
Douglas Fulcher, CEO and President
Forward-Looking Information: This press release may include forward looking information within the meaning of Canadian securities legislation concerning the business of the Company. Forward looking information is based on certain key expectations and assumptions made by the management of the Company including: (i) the future intended focus on lithium properties of merit; and (ii) the filing of its outstanding financial statements and related MD&A. Although the Company 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 the Company 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. The Company 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 direr materially from the company's expectations include: (i) risks associated with lithium exploration and development; (ii) risks associated with the mining industry in general, including those specifically as they relate to mining operations in Mexico; (iii) inability for the Company to raise the required financing; and (iv) inability of the Company to execute its business plan. 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 Company. 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 this release.