One World Lithium Inc. (CSE:OWLI) (OTCMKTS:OWRDF) has said it will raise gross proceeds of up to $1,500,000 via a non-brokered private placement.
In a statement, the company said the net proceeds are intended to be used primarily for funding the Salar Del Diablo exploration programs as well as for corporate purposes and working capital.
The group noted that the placement of up to 15,000,000 units at a price of $0.10 per unit may close in one or more tranches.
Each unit will consist of one common share in the capital of the company 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 24 months from the closing date of each respective tranche in the offering, with all securities subject to a four-month and one day hold period from the respective closing dates.
The company said it closed a first tranche of the offering on December 23, 2019 with the issue of 4,292,000 units for gross proceeds of $429,200 at a price of $0.10 per unit.
The group pointed out that its management anticipates that the company will allocate the balance of any net proceeds of the offering as follows: Salar del Diablo Lithium Property drilling program $600,000; Salar del Diablo Lithium Property southern region drilling program $400,000; borehole testing $150,000; and $350,000 for working capital.
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