One World Lithium Announces Non-Brokered Private Placement and Closing of $429,200 First Tranche

About this update from One World Lithium, Inc.

[{"type":"text","content":"Vancouver, BC - TheNewswire - December 23, 2019 - One World Lithium Inc. (CSE:OWLI) (CNSX:OWLI.CN) (OTC:OWRDF) (\"OWL\") (the \"Company\") announces a non-brokered private placement of up to 15,000,000 units (each, a \"Unit\") at a price of $0.10 per Unit for gross proceeds of up to $1,500,000 (the \"Offering\") that may close in one or more tranches. Each Unit will consist of one common share in the capital of the Company (a \"Common Share\") and one non-transferable Common Share purchase warrant (a \"Warrant\") (collectively the \"Securities\"). Each warrant will entitle the holder thereof to acquire one Common Share, at a price of $0.10 per Common Share for a period of 24 months from the closing date of each respective tranche in the Offering. All Securities are subject to a four month and one day hold period from the respective closing dates and eligible finders may be paid in connection with the Offering. The Company also announces that on December 23, 2019, it closed a first tranche of its Offering whereby the Company issued 4,292,000 Units for gross proceeds of $429,200 at a price of $0.10 per Unit. The net proceeds are intended to be used primarily for funding the Salar Del Diablo exploration programs as well as for corporate purposes and working capital. There is no minimum number of Units or minimum aggregate proceeds required to close the Offering and the Company may, at its discretion, elect to close the Offering in one or more tranches. Management anticipates that the Company will allocate the balance of any net proceeds of the Offering as follows: Salar del Diablo Lithium Property drilling program $600,000; Salar del Diablo Lithium Property southern region drilling program $400,000; borehole testing $150,000; and $350,000 for working capital. The closing of subsequent tranches of the Offering may be completed pursuant to Multilateral CSA Notice 45-313 - Prospectus Exemption for Distributions to Existing Security Holders (\"CSA 45-313\") and the corresponding blanket orders and rules implementing CSA 45-313 in the participating jurisdictions in respect thereof (collectively with CSA 45-313, the \"Existing Security Holder Exemption\"). As at the date hereof, the Existing Security Holder Exemption is available in each of the provinces of Canada, with the exception of Newfoundland and Labrador. Subject to applicable se...

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