One World Lithium Inc (CSE:OWLI) (OTCMTS:OWRDF) announced that it has signed an agreement with FnMedia AG to consult on business development in Europe.
The lithium company said that the agreement may include individual introductions and corporate presentations.
FnMedia will also expand its knowledge by including Alphabullz, a subsidiary group that is well established in both Europe and Asia.
READ: One World Lithium starts drilling DDH-3 borehole at its Salar del Diablo lithium brine project
According to OWL, Alphabullz is familiar with the lithium industry and in particular exploration and development of lithium-brine salars and technologies that separate lithium carbonate from a brine.
OWL has the right to own 100% of the separation technology, subject to a positive proof of concept program in addition to its majority interest in Salar del Diablo lithium brine property in Mexico.
In a statement OWL told investors that the consultant believes the “timing is right to review junior lithium companies that have promise in lithium-brine prospects as well as technologies that may separate lithium carbonate from a brine.”
Doug Fulcher, OWL’s CEO, said that the company is pleased to be working with FnMedia and Alphabullz this year, in particular due to their experience in both Europe and Asia.
“It is ideal timing as our company is preparing for a successful year in exploring for lithium-brine prospects but also possibly being at the forefront of lithium separation technologies,” Fulcher added.
The agreement is for one year to May 4, 2022. The consultant will be paid a monthly fee of 5,000 Euros (C$7,400) and an option to purchase up to 800,000 common shares of the company at $0.11 per share. The stock options are exercisable on or before May 4, 2023 and will be vested as to 200,000 options every two months from June 1 to December 1, 2021.
OWL plans to spend approximately $750,000 on both further exploration at Salar del Diablo and advancing a critical fluid separation technology if its current non brokered private placement offering is fully subscribed for $2 million. The remaining $500,000 will be used for working capital.
OWL also announced that it has granted incentive stock options to another consultant to purchase up to an aggregate of 400,000 shares of the company. The options are fully vested and exercisable on or before May 5, 2023, at a price of $0.11 per share.
All stock options were granted in accordance with the company's stock option plan, it added.
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