Tickers: XCNQ:OWLI, PINX:OWRDF
Vancouver, BC / TheNewswire / November 8, 2018 – One World Lithium Inc. (CSE-OWLI) (the "Company") announces that it has closed a portion of its private placement that was previously announced on June 29, 2018. The Company has raised to date $ 1,248,874.75 CDN through the issuance of 8,325,832 units at a price of $ 0.15 per unit. Each unit consists of one common share of the Company (a "Common Share") and one-half of a non-transferable Common Share purchase warrant (each whole warrant, a "Warrant"). Each Warrant will entitle the holder to purchase one Common Share at a price of $ 0.20 for a period of 24 months from the closing of the offering. All securities are subject to a four month and one day hold from the closing date.
Use of Proceeds
The net proceeds will be used primarily for funding the Salar del Diablo Lithium Property (the "Property") drilling program, an estimate cost of $ 600,000 CDN, maintenance of the Property, corporate purposes and working capital. The Property is located in the State of California, Baja California Notre, Mexico.
The Company is also pleased to announce a 12 hole 4,050 meter reverse circulation drilling program is planned for January 2019 on its Salar del Diablo Lithium Property in Mexico. The drill holes will test three large geophysical conductive zones that cover more than 54 square kilometers within a geochemical anomaly that covers 150 square kilometers. The drilling and testing may take approximately 45 days to complete.
The following Table and Map detail the drilling locations and approximate depths.
Drill holes 1 and 2 will intersect geophysical zone 1 which is 6 kilometers square and likely more than 100 meters thick;
Drill holes 3,4,8 and 9 will intersect geophysical zone 2 that is more than 24 square kilometers;
Drill holes 7, 7A and 10 will intersect both zones 2 and 3. Zone 3 may be more than 200 meters thick and more than 30 square kilometers; and
Drill holes 9 and 11 will intersect the 150 square kilometer surface geochemical anomaly.
All holes will be placed near geophysical and geological interpreted structures to test the structural setting of the basin.
The Operator of the Salar del Diablo Lithium Property programs is receiving bids from four drilling companies that requires the drilling company to be on site in January 2019. The Operator is in the process of filing for various permits including an occupancy permit, an environmental study and a drilling permit which should be completed by the end of December 2018.
Additional Property Interest Earned
One World Lithium has now earned an undivided 60% working interest in the Property. On completing the January 2019 drilling program, the Company will earn a further 20% working interest, for a total working interest of 80%.
Doug Fulcher, President and CEO is pleased to announce the appointment of Mr. John King Burns as an Advisor to the Company.
Mr. Burns is currently serving as an independent director of China Gold Resources (TSX:CGG). Mr. Burns is also CEO and President of NeurSciences LLC, is a senior advisor for Pontomac Asset Management and as an advisor to a number of privately held exploration and production, software, process technology and fund management companies in the natural resource, energy and technology industries with several companies and funds located in China.
Previously, Mr. Burns was Chairman and Founder of Northern Orion which was sold to Yamana Gold. He was also former Global Head and Managing director of the Derivative Trading and Structured Finance Group at Barclays Metals, London, a unit of Barclays Bank PLC.
John E Hiner, a Registered SME Member and a Qualified Person as defined by National Instrument 43-101, has reviewed and approved the scientific and technical disclosure contained in this news release.
About One World Lithium Inc.
One World Lithium Inc. ("OWL") an exploration Company is focused on exploring and developing lithium projects of merit. It currently has an option to acquire up to a 90% working interest in the 75,400 hectare Salar del Diablo Lithium Property located in Baja California Notre, Mexico.
On behalf of the Board of Directors of One World Lithium Inc.,
Douglas Fulcher, President and CEO
Forward-Looking Information: This press release may include forward looking information within the meaning of Canadian securities legislation concerning the business of the OWL. Forward looking information is based on certain key expectations and assumptions made by the management of the OWL, the intention of OWL to proceed with the advancement of the Property and intentions regarding the proposed exploration and drilling program. Although OWL believes that the expectations and assumptions on which such forward looking information is based are reasonable, undue reliance should not be placed on the forward-looking information because OWL can give no assurance that they will prove to be correct. Forward looking statements contained in this press release are made as of the date of this press release. OWL disclaims any intent or obligation to update publically any forward-looking information, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from the those anticipated in such statements, important factors that could cause actual results to direr materially from the company’s expectations include: (I) inability of OWL to execute its business plan and raise the financing required to close on the transaction and exercise the option; and (II) risks and market fluctuations common to the mining industry and lithium sector in particular. The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, some of which are beyond the control of the OWL. The reader is cautioned not to place undue reliance on any forward-looking information contained in this press release.
Neither the Canadian Securities Exchange nor its Market Regulator (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
Copyright (c) 2018 TheNewswire – All rights reserved.