VANCOUVER, December 08, 2021 -
One World Lithium Inc. (CSE:OWLI) (OTC:OWRDF) (the "Company") ("OWL") is pleased to announce it has closed a second and final tranche of its previously announced non-brokered private placement of up to 30,000,000 units (each, a "Unit") at a price of $0.06 per Unit for gross proceeds of up to $1,800,000. (the "Offering"). On the second tranche closing the Company issued 17,350,843 Units for gross proceeds of $1,041,050.60. Including the proceeds from the first tranche, the Company has raised $1,807,271.20 under the Offering. The Offering has been oversubscribed.
Each Unit consists of one common share of the Company (a "Common Share") and one full non-transferable Common Share purchase warrant (each whole warrant, a "Warrant"). Each Warrant will entitle the holder to purchase one Common Share at a price of $0.12 for a period of 36 months from the closing of the Offering. All securities are subject to a four month and one day hold from the closing date.
The net proceeds of the Offering will be used primarily for the additional diamond drilling and exploration on its Salar del Diablo Lithium Brine Property, advancement of its potential lithium separation technology and the balance for working capital.
The Company also announces that is has granted incentive stock options to a consultant of the Company to purchase up to an aggregate of 750,000 common shares of the Company at an exercise price of $0.09 per common share, being the closing price the closing price of the Company's common shares on the Canadian Stock Exchange on December 07, 2021. The stock options are exercisable on or before December 06, 2024, with 375,000 vesting on February 08, 2022 and 375,000 vesting on May 08, 2022. The options were granted in accordance with the Company's Stock Option Plan.
In addition, the Company also announces that effective on December 08, 2021 the Company will amend the expiry date (the "Amendment") of an aggregate of 4,292,000 outstanding common share purchase warrants (the "Warrants") that are currently exercisable to acquire common shares of the Company at a price of $0.10 until December 23, 2021. Under the Amendment, the term of the Warrants will be extended by an additional twelve months (12) such that they will now be exercisable until December 23, 2022. All other Warrant terms remain the same.
About One World Lithium Inc.
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, OWL 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 hectare (399 square mile) Salar del Diablo Lithium Brine project located in the State of Baja California, Mexico.
On behalf of the Board of Directors of One World Lithium Inc.,
"Douglas Fulcher"
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: 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.
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