One World completes debt settlement, private placement
Mr. Doug Fulcher reports
ONE WORLD MINERALS INC. ANNOUNCES LISTING ON CANADIAN SECURITIES EXCHANGE, ASSIGNMENT OF OPTION AGREEMENT, CLOSING OF SHARES FOR DEBT SETTLEMENT AND CLOSING OF PRIVATE PLACEMENT
One World Minerals Inc. has begun trading on the Canadian Securities Exchange at market open under the trading symbol OWM and completed its name change from One World Investments Inc. to One World Minerals Inc.
Also, effective on listing, the company was assigned all rights and obligations from Stand Up Investments Ltd., a private British Columbia company, under an option agreement dated Dec. 22, 2015, between Stand Up and a third party. The option agreement grants Stand Up an option to acquire a 100-per-cent interest in the Mogollon silver-gold project by paying an aggregate of $750,000 (U.S.) in staged annual payments to the third party optionor over a three-year period. In consideration for the assignment of the option by Stand Up, the company: (i) paid $100,000 and issued five million shares; (ii) is required to pay $200,000 and issue five million shares on April 1, 2018; (iii) is required to issue five million shares on April 1, 2019; and (iv) is required to grant Stand Up a 1-per-cent new smelter return royalty with respect to the property, payable upon commencement of commercial production. The initial five million shares are subject to a hold period expiring July 1, 2017.
The property is located in Catron county, New Mexico, and consists of 64 unpatented and 81 patented lode mining claims that are prospective for gold and silver. Certain portions of the property are subject to an existing net smelter return royalty.
Additionally, the company has settled debt in the aggregate amount of $1,618,837 with creditors of the company through the issuance of an aggregate amount of 32,376,737 common shares at a deemed price of five cents per share. The shares are subject to a hold period and will be released 25 per cent starting July 1, 2017, and then thereafter every three months and one day, with the last hold period expiring on March 1, 2018.
As well, the company has closed its previously announced non-brokered private placement of convertible debentures in the principal amount of $516,457, which were converted into 10,329,140 common shares at a conversion price of five cents per common share. The shares are subject to a hold period and will be released 25 per cent starting on July 1, 2017, and then thereafter every three months and one day, with the last hold period expiring on March 1, 2018.
