VANCOUVER, BC – TheNewswire - November 13, 2024 - One World Lithium Inc. (CSE-OWLI) (OTCQB-OWRDF) (the “Company” or “OWL”) is pleased to announce further to its August 14, 2024 , news release it has closed a second and final tranche of its previously announced non-brokered private placement of up to 16,666,666 units (each, a “Unit”) at a price of $0.03 per Unit for gross proceeds of up to $500,000. (the “Offering”). On the second tranche closing the Company issued 6,335,166 Units for gross proceeds of $190,055. Including the proceeds from the first tranche, the Company has raised $467,010 under the Offering. All securities issued are subject to a four (4) month and one day hold period, from the closing of the Offering in accordance with applicable securities laws and the policies of the Canadian Securities Exchange.

 

Each Unit of the Offering consisted  of one common share of the Company (each, a “Common Share”) and one non-transferable Common Share purchase warrant (each, a “Warrant”). Each Warrant will entitle the holder thereof to purchase one Common Share at a price of $0.06 for a period of 36 months from the closing of the Offering. All funds are stated in Canadian dollars.

 

Use of Proceeds

Proceeds from this final tranche of the financing will be used to complete the assignment of two separate patent applications for Lithium Recovery that is a Direct Lithium-Carbonate Extraction Technology (together, the “OWL Patent Applications”) from MatterGreen LLC (“MG”), an arm’s length Oregon limited liability company as in accordance with the terms of the Assignment and License Agreement (the “Definitive Agreement”) with MG dated for reference September 27, 2023. The OWL Patent Applications are for natural brine and for slurries made from pegmatite, clay, volcanic rock and sediment.

 

For the assignment OWL will issue to MG one million common shares of the Company. Following the assignment, OWL will be the sole and exclusive owner of the OWL Patent Applications. In addition, OWL  will continue to fund MG to conduct and manage the development, testing and, R&D laboratory work in MG’s lab facilities in Albany, Oregon, USA associated with the commercialization of the OWL Patent Applications along with the US Department of Energy Patents tiltled Selective Lithium Recovery as Lithium Carbonate from natural brines (see News release dated March 13, 2024).

 

MatterGreen LLC states, “Following the successful bench results with OWL, the focus is now to commercialize the technology which enables lithium carbonate generation directly from a natural brine or slurries made from rocks and clays, without requiring pre-concentration, base

 

concentration, and post-concentration steps as in evaporative and direct lithium extraction

processes. With no sorbents, no sulfuric acids, and no soda ash, a cleaner lithium extraction can

be achieved with substantially lower Capital Cost and Operating Cost.”

 

Doug Fulcher, President, CEO states:  “This is a major milestone for OWL and we are extremely pleased to have completed the obligations under the Definitive Agreement with MG. The Company is now in a position to approach lithium companies as potential strategical partners for the testing of their lithium brine, pegmatite, clay, volcanic rock and sediment. It will also allow OWL to seek out additional funding opportunities for the continued development, testing and R&D laboratory work.

 

Stock Option Grant

 

In addition, the Company also announces that is has granted incentive stock options to directors, officers, certain consultants and advisors of the Company to purchase up to an aggregate of 3,600,000 common shares of the Company (the “Options”). The Options are exercisable on or before November 13, 2027, at a price of $0.05 per common share, being the minimum allowed closing price of the Company’s common shares on the Canadian Stock Exchange on November 12, 2024. All Options are fully vested and were granted in accordance with the Company’s Stock Option Plan.

 

About One World Lithium

One World Lithium Inc. remains focused on properties of merit that may contain lithium. The Company is also focused on commercial application of its extraction  technologies for natural brine and for slurries made from clay, pegmatite, volcanic rock and sediment. OWL intends to license or joint venture its technologies to current and future lithium carbonate producers. For more information, visit: https://oneworldlithium.com/.

 

On behalf of the Board of Directors of One World Lithium Inc.,

 

“Douglas Fulcher”

 

President and Chief Executive Officer

  

For further information please visit www.oneworldlithium.com or email info@oneworldlithium.com or call 1-888-280-8128.

     

Forward-Looking Information: This press release may include forward looking information within the meaning of Canadian securities legislation. Forward looking information is based on certain key expectations and assumptions made by the management of the OWL, including, but not limited to:, (I) the ability of the OWL & MG to further develop OWL’’s Patent Applications to change the lithium extraction industry, and (II) OWL’s ability to commercialize its lithium extraction technologies. Although OWL believes that the expectations and assumptions on which such forward looking information is based are reasonable, undue reliance should not be placed on the forward-looking information because OWL can give no assurance that they will prove to be correct. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from the those anticipated in such statements, important factors that could cause actual results to differ materially from the company’s expectations include: (I)) the inability of OWL to commercialize its lithium extraction technologies (II) OWL’s inability to execute its business plan and raise any required financing, (III) risks and market fluctuations common to the mining industry and lithium sector in particular, and (IV) advancements in other new lithium extraction technologies. The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, some of which are beyond the control of the OWL. The reader is cautioned not to place undue reliance on any forward-looking information contained in this press release.

Neither the Canadian Securities Exchange nor its Market Regulator (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release