VANCOUVER, BC – MARCH 23, 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 November 09, 2017. The Company has raised to date $ 1,028,650 CDN through the Issuance of 6,857,667 units at a price of $0.15 per unit. Each Unit will consist of one common share in the capital of the Company and one non-transferable common share purchase warrant. Each Warrant will entitle the holder thereof to acquire one additional Share, at a price of $0.20 per Warrant Share for a period of 24 months from the partial closing date of the Offering. All securities are subject to a four month and one day hold from the closing date.
The Canadian Securities Exchange has granted an extension for the close of the private placement to May 08, 2018.
Use of Proceeds
The net proceeds will be used primarily for funding the Salar Del Diablo exploration programs as well as for corporate purposes and working capital.
Regarding the pre drilling exploration programs on the Salar Del Diablo lithium property, the Time Domain Electromagnetic Survey has been expanded to 79.5 kilometers to cover a larger portion of the Property. The survey is expected to be completed before the end of March 2018. Subsequently there will be a gravity survey. The geochemical surface sampling program has been completed with 67 samples taken by an auger.
After analysing the geochemical and geophysical results, the Company intends to drill test any resulting targets with a planned 4,000 meter (13,000 feet) reverse circulation drilling program in May 2018.
John E. Hiner, SME Registered and a Qualified Person as defined by National Instrument 43-101, has reviewed and approved the scientific and technical disclosure contained in this release.
The Company has granted incentive stock options to two consultants of the Company to purchase up to 800,000 common shares of the Company at a price of $0.20 per common share. The stock options are exercisable on or before March 23, 2020 and are fully vested.
About One World Lithium Inc.
One World Lithium is an exploration and development Company. The Company has an option to acquire a 90% interest in the 75,400 hectare Salar del Diablo Property.
On behalf of the Board of Directors of One World Lithium Inc.,
Douglas Fulcher, CEO and President
The Canadian Securities Exchange does not accept responsibility for the adequacy or accuracy of this release. Statements in this press release, other than purely historical information, including statements relating to the Company’s future plans and objectives or expected results, may include forward-looking statements. Forward-looking statements are based on numerous assumptions and are subject to all of the risks and uncertainties inherent in resource exploration and development. As a result, actual results may vary materially from those described in the forward-looking statements.