Sign up Canada
Proactive Investors - Run By Investors For Investors

One World Lithium updates on drill program for Salar del Diablo lithium; raises $1.24M from initial closing of placing

The drilling program at Salar del Diablo is estimated to cost $600,000
One World Lithium updates on drill program for Salar del Diablo lithium; raises $1.24M from initial closing of placing
Lithium is a buzz commodity at the moment- not least due to its use in making electric vehicles

One World Lithium Inc (CSE:OWLI) has closed a portion of its previously announced placing, raising around $1.24M, mainly to fund drilling at the Salar del Diablo lithium property in Mexico.

The company issued over 8.3 million units at $0.15 each.

Each unit consists of one share and one-half of a purchase warrant.

Each warrant allows the holder to buy one share for $0.20 for 24 months from closing.

The drilling program -  a 12 hole, 4,050m (meter) RC program -  at Salar del Diablo is estimated to cost $600,000.

The funds will also go towards the maintenance of the site, corporate purposes and working capital, the company said.

The holes in the drill program will test three large geophysical conductive zones that cover more than 54 sq km within a geochemical anomaly that covers 150 sq km.

One World Lithium has now earned an undivided 60% working interest in the project. On completing the January 2019 drilling program, it will earn a further 20% working interest, for a total working interest of 80%.

Also today, One World Lithium said that it had hired John King Burns as an advisor to the company, who is currently serving as an independent director of China Gold Resources (TSX:CGG).

Burns is also CEO and President of NeurSciences LLC.

View full OWLI profile View Profile

One World Lithium Inc. Timeline

Related Articles

1539772682_lithium-periodic-11.jpg
October 18 2018
The geology is highly promising, the upside is significant, and drilling will get underway soon
1507023730_Neolithium-01.JPG
August 02 2018
Neo Lithium has one of the highest grade, lowest impurity lithium projects in the world
potash
November 04 2018
Potash prices have recovered strongly in the past 12 months from about US$200/tonne to well in excess of US$300/tonne now.
Copyright © Proactiveinvestors.com, 2018. All Rights Reserved - Proactive Investors North America Inc., Proactive Investors LLC

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use