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One World Lithium closes second financing round for drill program at Mexican lithium project

The company announced it has closed its second financing round, raising C$525,000 to finance the Salar del Diablo lithium property drilling program and for working capital
Lithium brine project
The Salar del Diablo lithium brine project is located in the State of California Baja Norte, Mexico

One World Lithium Inc (CSE:OWLI) (OTCMKTS:OWRDF) announced Thursday that it has closed the second round of its non-brokered private placement, raising C$525,000. 

The exploration company, which is focused on lithium in brine projects, said funds raised will be primarily used for financing the Salar del Diablo lithium property drilling program and working capital.

The company said C$1,774,550 has been raised so far under the offering, leaving $225,450 of the offering yet to close.

READ: One World Lithium mobilizes drill rig at Salar del Diablo project in Mexico

The exploration company, which is focused on lithium in brine projects, currently has a a 60% property interest with an option to acquire a further 30% property interest for a total of a 90% working interest in the 75,400-hectare Salar del Diablo lithium brine project, which is located in the State of California Baja Norte, Mexico.

Wednesday, the company announced it was moving a drill rig to the Salar del Diablo Project in Mexico.

Deal details

The company issued 3.5 million units at a price of C$0.15, raising C$525,675. Each unit consists of one common share of the company and one-half of a non-transferable common share purchase warrant. Each warrant will entitle the holder to purchase one common share at a price of C$0.20 cents for a period of 24 months from the closing of the offering.

All securities are subject to a four-month-and-one-day hold from the closing date.

Contact Katie Lewis at [email protected]

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