(via TheNewswire)
Vancouver, BC - TheNewswire - February 13, 2020 - One World Lithium Inc. (OTC:OWRDF) (CSE:OWLI) (CNSX:OWLI.CN) (the "Company" or "OWL") reports it has applied for a drilling permit and expects approval in the next several days. Layne Drilling is moving a rig to DDH-3's (DDH means diamond drill hole) location that is 50 kilometers south of DDH-2. The rig is a skid mounted 4 by 4 all-terrain rig that is capable of drilling to a depth of 1,000 meters. Two drill crews will allow 24/7 drilling.
Lithium Extraction Technology
OWL is working with a technology development company to test a new process to extract lithium from a brine stream. The tests will be conducted at the University of Alberta under the direction of Dr. Rajender Gupta. The process employs a solvent to extract lithium from a brine stream at near zero GHG emissions (greenhouse gases). The testing phase may take up to three months.
An exclusive license agreement will be signed with OWL on the completion of testing the new extraction technology.
Appointment of Vice President, Corporate Development and Granting of Stock Options
Mathieu McDonald joins OWL as Vice President, Corporate Development. Mr. McDonald brings 25 years of capital markets experience, serving in a variety of positions including corporate communications, retail and institutional sales as well as asset management at several large national firms. He has extensive experience in venture capital markets and has raised considerable funds for start-up companies. Mr. McDonald has a Bachelor of Commerce Degree specialising in finance from the University of Alberta.
The Company has granted Mr. McDonald incentive stock options to purchase up to 500,000 common shares in the Company at a price of $0.10 per share. The stock options are exercisable on or before February 12, 2022 with 125,000 vesting on June 12, 2020, 125,000 vesting on September 12, 2020, 125,000 vesting on December 12, 2020 and the balance vesting on March 12, 2021.
The Company also announces it has granted incentive stock options to a consultant of the Company to purchase up to 200,000 common shares in the Company at a price of $0.10 per share. The stock options are exercisable on or before February 12, 2021 and are fully vested.
About One World Lithium Inc.
One World Lithium Inc. is an exploration company focused on lithium in brine projects. It currently has earned a 60% property interest with an option to acquire a further 30% property interest for a total of a 90% property interest in the 103,430 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"
Douglas Fulcher, CEO and President
For further information please visit www.oneworldlithium.com or email info@oneworldlithium.com or call 1-888-280-8128.
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. 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 anyforward-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. 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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