Looks hopeful.
One World closes $2.25-million private placement
https://www.stockwatch.com/News/Item?C:OWLI&bid=Z-C:OWLI-3041294
2021-03-02 11:46 ET - News Release
Mr. Douglas Fulcher reports
ONE WORLD LITHIUM ANNOUNCES CLOSING OF OVERSUBSCRIBED NON-BROKERED PRIVATE PLACEMENT
One World Lithium Inc. has closed its previously announced, non-brokered private placement for gross proceeds of $2,251,110.50. The private placement closed with the issuance of 45,022,210 units priced at five cents per unit. The private placement has been oversubscribed, resulting in the issuance of an additional 15,022,210 units for $751,110.50.
Each Unit consist of one common share and one non-transferable common share purchase warrant. Each Warrant will entitle the holder thereof to acquire one common share, at a price of $0.10 per common share for a period of 36 months from the closing date of the Offering. All Securities are subject to a four month and one day hold period from the closing date.
The net proceeds of the Offering will be used primarily for the Salar del Diablo Lithium Brine Property southern drilling program, advancement of its potential lithium separation technology and the balance for working capital.
Douglas Fulcher, CEO and director of the Company commented, "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". In addition, he noted "We appreciate our shareholder's confidence."
The Company has received binding commitments for participation in the Offering from members of the Company's board of directors including the extended management team in the aggregate of $30,000 or 600,000 Units. Accordingly, the Offering constitutes a "related party transaction" as such term is defined in Multilateral Instrument 61-101 -- Protection of Minority Security Holders in Special Transactions (" MI 61-101 "), which requires that the Company, in the absence of exemptions, obtain a formal valuation for, and minority shareholder approval of, the related party transaction. The Offering will be exempt from the valuation and the minority shareholder approval requirements of MI 61-101 by virtue of the exemptions contained in section 5.5(a) and 5.7(1)(a), respectively, as neither the fair market value of the consideration for the Units nor the value of the Units issuable to "related parties" is more than 25% of the Company's market capitalization. As the material change report relating to the completion of the Offering will be filed on SEDAR less than 21 days before the completion of the Offering, there is a requirement under MI 61-101 to explain why the shorter period is reasonable or necessary in the circumstances. In the view of the Company, such shorter period is reasonable and necessary in the circumstances because the subscribers of the Company wished to complete the Offering in a timely manner.
The Company also announces that is has granted incentive stock options to certain of its directors, officers, management and consultants of the Company to purchase up to an aggregate of 4,900,000 common shares of the Company. The Options are exercisable on or before March 01, 2023, at a price $0.13 per common share, being the closing price of the Company's common shares on the Canadian Stock Exchange on March 01, 2021. All Options were granted in accordance with the Company's Stock Option Plan.
About One World Lithium Inc.
One World Lithium 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.
We seek Safe Harbor.
© 2021 Canjex Publishing Ltd. All rights reserved.