One World Lithium Provides Default Update
Vancouver, BC - TheNewswire - July 13, 2019 - One World Lithium Inc. (OTC:OWRDF) (CSE:OWLI) (CNSX:OWLI.CN) (the "Company") ("OWL") is providing this default status report in accordance with the alternative information guidelines set out in National Policy 12-203 - Management Cease Trade Orders ("NP 12-203").
On June 15, 2020, the Company announced (the "Default Announcement") that it made an application to the British Columbia Securities Commission (the "BCSC") to approve a temporary management cease trade order ("MCTO") on the basis that it would be unable to file its annual consolidated financial statements, accompanying management's discussion and analysis and related CEO and CFO certifications, for the year ended December 31, 2019 (the "Annual Filings") within the extended deadline for filing the same under British Columbia Instrument 51-515 - Temporary Exemption from Certain Corporate Finance Requirements ("BCI 51-515"). The application was approved by the BCSC on June 15, 2020 and the MCTO was issued by the BCSC on June 16, 2020. The MCTO prohibits trading in securities of the Company by certain insiders of the Company, whether direct or indirect. The MCTO required the Annual Filings to be filed on or before July 15, 2020.
On July 9, 2020, the BCSC granted the Company a further extension for the Annual Filings as well as for the filing of the Company's first quarter consolidated interim financial statements, accompanying management's discussion and analysis, and the related CEO and CFO certifications for the three months ended March 31, 2020 (the "Quarterly Filings") until July 30, 2020. The Company anticipates that the Annual Filings and the Quarterly Filings (together with the Annual Filings, the "Required Filings") will be filed on or before July 30, 2020.
There have been no material changes to the information contained in the Default Announcement or any other changes required to be disclosed under NP 12-203.
The Company will continue to provide bi-weekly ("every two weeks") updates, as required by NP 12-203, until the Required Filings have been filed. The Company confirms it will continue to satisfy the provisions of the alternative information guidelines set out in Sections 9 and 10 of NP 12-203 so long as it remains in default of the requirement to file the Required Filings.
About One World Lithium Inc.
One World Lithium Inc. is an exploration company focused on lithium in brine projects. It currently has earned a 60% property interest with an option to acquire a further 30% property interest for a total of a 90% property interest in the 103,430 hectare (399 square mile) Salar del Diablo lithium brine project located in the State of Baja California, Mexico. One World Lithium is an exploration and development Company.
On behalf of the Board of Directors of One World Lithium Inc.,
Douglas Fulcher, CEO and President
Forward Looking Statements
This news release includes certain "forward-looking statements" under applicable Canadian securities legislation. Forward-looking statements include, but are not limited to, statements with respect to the ability of the Company to file the Annual Filings and the anticipated filing date thereof. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to that the Company may experience additional delays as a result of the COVID-19 pandemic and be unable to make the Required Filings as expected or within the times indicated. Although the Company 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 the Company can give no assurance that they will prove to be correct. Forward looking statements contained in this press release are made as of the date of this press release. The Company disclaims any intent or obligation to update publically any forward looking information, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws. Readers should consult all of the information set forth herein and should also refer to the risk factors disclosure outlined in the reports and other documents the Company has filed on SEDAR, available at www.sedar.com.
Neither the Canadian Securities Exchange nor its Regulation Service Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this press release.