One World Lithium Inc (CSE:OWLI) (OTCMKTS:OWRDF) is raising up to C$1.5 million to help advance drilling at its flagship Salar del Diablo lithium brine property in the State of Baja California, Mexico.
The lithium company told shareholders that it is looking to expand the current drilling program on the southern portion of the property.
Around C$700,000 of the funds raised will go towards the current program, with another C$400,000 earmarked for the possible expansion of the drilling program on the southern portion. The balance of the funds raised will be used for working capital, according to the Vancouver-based firm.
READ: One World Lithium raises more funds earmarked for upcoming drill program at Salar del Diablo lithium brine project
Under the term sheet, each unit consists of one share and one warrant exercisable at C$0.10 per share for a three-year period following the closing date of each respective tranche in the offering.
There is no minimum amount of units or aggregate proceeds required to close the offering and the company may choose to close the offering in one or more closings, it said in a statement. The group may pay a finder’s fee in connection with the offering.
OWL currently has earned a 60% property interest with an option to acquire a further 30% property interest for a total of a 90% working interest in the 103,450-hectare Salar del Diablo project.
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