One World Lithium Inc announced the closing of the initial tranche of a C$1.8 million private placement, raising C$765,221 in the first tranche.
The Vancouver-based company is raising funds for its Salar Del Diablo exploration programs as well as for the initial start-up for its separation technology testing.
The company is advancing its Salar del Diablo lithium brine project, a 103,450-hectare property in the State of Baja California, Mexico. It currently owns a 60% property interest and on completion of the program, it will have earned an additional 20% and has an option to purchase a further 10% for 90%.
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Under the terms of the private placement, OWL issued 12,753,677 units at a price of $0.06 per unit in the initial tranche. The company plans to issue up to 30 million units.
“Our company remains focused on lithium brine prospects and critical lithium separation technologies,” OWL CEO Doug Fulcher told shareholders.
“The proceeds from this closing will allow the company to advance both initiatives.”
Each unit consists of one common share of the company and one full non-transferable warrant that will entitle the holder to purchase one share at a price of $0.12 for a period of 36 months from the closing of the offering.
There is no minimum number of units or minimum aggregate proceeds required to close the balance of the offering and the company said it may, at its discretion, elect to close the balance of the offering in one or more tranches.
OWL also gave an update on its drilling progress, saying in a statement that borehole samples from DDH-1, 2, 3 & 4 were sent to the ALS preparation laboratory in Hermosillo, Mexico.
Subsequently, the samples were sent to ALS laboratory in Vancouver for assaying. Results will then be sent to the operator, Montgomery & Associates, for interpretation and recommendations.
The results and recommendations will all be released on receipt that are expected during the month of December, 2021.
Contact Angela at angela@proactiveinvestors.com
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