One World Lithium Inc (CSE:OWLI) (OTCMKTS:OWRDF) announced its plans to raise up to C$2 million to advance exploration work at its Salar del Diablo lithium brine project in Mexico.
Vancouver-based OWL is in the midst of a 12-hole, 4,250-metre drill program at Salar del Diablo, a 75,000-hectare property in Baja California, Mexico that covers an expansive salt flat.
Drilling is designed to test three geophysical zones, a geochemical lithium anomaly, and certain geologic structures that may trap and concentrate brines.
READ: One World Lithium bolstered by promising drilling results at Salar del Diablo lithium brine project
The non-brokered private placement includes up to 10 million units at a price of C$0.20 per unit. Each unit consist of one share and one-half warrant which is exercisable at C$0.25 for 24 months following the closing date.
In a statement, OWL said that there is no minimum number of units or aggregate proceeds required to close the offering and the company may decide to close the offering in one or more tranches.
It also noted that the company will allow shareholders as of May 25, 2018 to subscribe for units in the offering, provided that the existing security holder exemption is available. If the aggregate subscriptions for the units exceed the maximum number of securities to be distributed, the units will be sold to qualifying subscribers on a pro rata basis.
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