One World Lithium Inc. (CSE:OWLI, OTCQB:OWRDF) said it has closed the final tranche of its oversubscribed non-brokered private placement, raising over C$1.8 million in total.
As part of the second and final tranche, the company issued 17,350,843 units priced at $0.06 each for gross proceeds of $1,041,050.60. Including the proceeds from the first tranche, OWL raised a total of $1,807,271.20 under the offering, which was oversubscribed.
READ: One World Lithium closes first tranche of private placement of up to C$1.8M, updates on Salar del Diablo drilling program
Each unit consists of one share and one full non-transferable warrant exercisable at a price of $0.12 for a period of 36 months from the closing of the offering.
Net proceeds will be used primarily for the additional diamond drilling and exploration on its Salar del Diablo lithium brine property, advancement of its potential lithium separation technology and the balance for working capital.
Separately, the company said it granted incentive stock options to a consultant to purchase up to 750,000 shares at an exercise price of $0.09 per share. The stock options are exercisable on or before December 6, 2024, with 375,000 vesting on February 8, 2022 and 375,000 vesting on May 8, 2022. The options were granted in accordance with the company’s stock option plan.
In addition, OWL said that it will amend the expiry date of 4,292,000 outstanding warrants that are currently exercisable at a price of $0.10 until December 23, 2021, to December 23, 2022.
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