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.