One World Lithium Inc (CSE:OWLI) (OTCMKTS:OWRDF) announced it is upping its previously announced private placement to raise up to C$2.025 million.
In May 2021, the lithium company said it was offering 20 million units for gross proceeds of $2 million. Today’s news increases the offering by another 7 million units.
The terms of the private placement have also changed: the units are priced at $0.075 and will consist of one share and one warrant exercisable at $0.12 for a 36-month period following the closing of the offering.
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The company noted that it may elect to close the offering in one or more closings. A minimum subscription amount of $5,000 is required.
Vancouver-based OWL said it expects about $750,000 of the proceeds to go towards drilling the southern and potentially middle portion of Salar del Diablo, with another $750,000 earmarked for initial lab tests, design of and completing engineer design work for a pilot plant for the company’s critical fluid separation technology. The remaining $525,000 will be working capital.
OWL’s flagship project is the Salar del Diablo lithium brine property in the State of Baja California, Mexico, a 103,450-hectare property.
OWL has the right to own 100% of the separation technology, subject to a positive proof of concept program. Currently, it has earned a 60% property interest in the Salar del Diablo property.
Once a Phase Three drill program is completed, OWL will earn an additional 20% property interest and has an option to purchase a further 10% property interest for a total of 90% property interest.
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