One World Minerals announces $1M private placement

Vancouver (pcJ News Briefs) – One World Minerals Inc. (CSE: OWM) announces a non-brokered private placement of up to 2,500,000 units at $0.40 per unit for gross proceeds of up to $1,000,000.

Each unit will consist of one common share and one-half of a non-transferable common share purchase warrant. Each whole warrant will entitle the holder thereof to purchase one common share at a price of $0.60 for a period of 12 months from the closing of the offering.

The company is expected to allocate the net proceeds as follows: $400,000 for the predrilling cost at the Rico Litio Property which includes geophysics, geochem, geological mapping and an 80 kilometer survey grid; a separate exploration program at a coat of $210,000 and the balance for working capital.

One World Minerals Inc. is an exploration and development company. On March 10, 2017, the company entered into a binding letter agreement to acquire up to a 90% interest in the Rico Litio Lithium Property located in the State of California Baja North, Mexico. It also has an option to purchase a 100% interest in the Mogollon Property that is a high grade underground silver and gold property in New Mexico.

photo credit: One World Minerals