Business
One World Lithium Inc. Announces Termination of Its Mogollon Property and Provides an Update on Management Cease Trade Order
Vancouver, British Columbia--(Newsfile Corp. - June 13, 2018) - One World Lithium Inc. (CSE: OWLI) ("OWL" or the "Company") announces that effective June 13, 20
About this update from One World Lithium, Inc.
[{"type":"text","content":" Vancouver, British Columbia--(Newsfile Corp. - June 13, 2018) - One World Lithium Inc. (CSE: OWLI) (\"OWL\" or the \"Company\") announces that effective June 13, 2018, the Company terminated its Option Agreement to purchase 100% of Allegiant Gold Ltd.'s interests in the Mogollon Silver and Gold Property located in New Mexico, USA. Pursuant to the Company's news release dated March 9, 2018, the Company originally intended to prepare and file a current technical report on the Mogollon Project to reflect its early stage of exploration and to recommend a suitable work program to advance the property in the near future (the \"Technical Report\"). As a result of the termination of the Option Agreement and the corresponding loss of the Company's interest in the Mogollon Project, the Company advises that it will no longer be filing the Technical Report. The Company's board of directors and management have recently re-evaluated the Company's exploration programs and concluded that, going forward, the Company intends to solely focus on lithium properties of merit. As a result, the Company intends to continue its focus on the exploration and development of its Salar del Diablo Lithium Property in Mexico for the balance of 2018. Doug Fulcher, President and CEO noted, \"It is unfortunate to lose the exploration and development exposure to the Mogollon Project; however, our Company's exploration team has expertise in lithium exploration and development which paves the way for the Company's future exploration for lithium.\" The Company is also pleased to announce that it will be filing on June 14, 2018 its audited annual financial statements and management's discussion and analysis (\"MD&A\") for the year ended December 31, 2017, along with its first fiscal quarter financial statements and MD&A for the period ended March 31, 2018. On May 1, 2018, the British Columbia Securities Commission issued a management cease trade order against the Company and its executives, as opposed to a cease trade order against the Company and all of its securityholders, for failure to file its audited annual financial statements and MD&A for the year ended December 31, 2017, together with the related certifications, on or before the prescribed filing deadline of April 30, 2018 as required by National Instrument 51-102, Continuous Disclosure Obligation...