One World Lithium Inc (CSE:OWLI) (OTCMKTS:OWRDF) has closed on the first tranche of a private placement announced last month, raising C$734,586.
The Canadian company issued 3,672,930 units at a price of $0.20 per unit, leaving C$1,265,414 of the offering yet to close.
The net proceeds will be used primarily for funding the Salar del Diablo lithium brine project in Mexico and working capital, according to a statement.
Each unit consists of one common share of One World and one-half of a non-transferable common share purchase warrant. Each warrant will entitle the holder to purchase one common share at a price of $0.25 for a period of 24 months from the closing of the offering. All securities are subject to a four month and one day hold from the closing date.
One World Lithium, based in Vancouver, currently has earned a 60% property interest with an option to acquire a further 30% property interest in the 103,430 hectares Salar del Diablo lithium brine project located in the State of California Baja Norte, Mexico. The project is one of the larger lithium brine prospects to be drill tested in 2019.
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