17:10:41 EDT Thu 28 Mar 2024
Enter Symbol
or Name
USA
CA



One World Minerals Inc
Symbol OWM
Shares Issued 52,761,383
Close 2017-06-23 C$ 0.38
Market Cap C$ 20,049,326
Recent Sedar Documents

One World to replace note placement with unit placement

2017-06-23 18:16 ET - News Release

Mr. Doug Fulcher reports

ONE WORLD MINERALS INC. ANNOUNCES PRIVATE PLACEMENT

One World Minerals Inc. will replace the previous non-brokered private placement it announced on May 12, 2017, with a non-brokered private placement of up to five million units at a price of 30 cents per unit for gross proceeds of up to $1.5-million. All funds are stated in Canadian dollars.

Each unit will consist of one common share in the capital of the company and one non-transferable common share purchase warrant. Each warrant will entitle the holder thereof to acquire one additional share at a price of 50 cents per warrant share for a period of 24 months from the closing of the offering.

There is no minimum number of units or minimum aggregate proceeds required to close the offering, and the company may, at its discretion, elect to close the offering in one or more closings. Management anticipates that the company will allocate the net proceeds of the offering as follows: $465,000 for the Rico Litio property predrilling program, $480,000 for the Rico Litio property drilling program, $150,000 for regional exploration and the balance for working capital.

The company may pay a finder's fee on the offering. Closing of the offering is subject to a number of conditions, including receipt of all necessary corporate and regulatory approvals. All securities issued in connection with the offering will be subject to a statutory hold period of four months plus a day from the closing of the offering in accordance with applicable securities legislation.

The May 12, 2017, non-brokered private placement was a one-year unsecured convertible note in the aggregate amount of up to $1.5-million accruing interest at 18 per cent. The principal amount and any accrued but unpaid interest thereon may have been converted into units at a price of 40 cents per unit. Each unit was to comprise one common share in the capital of the company and one non-transferable common share purchase warrant. Each warrant would have entitled the holder to acquire one additional share, at a price of 60 cents per warrant share, for a period of 12 months from the closing of the offering.

A portion or all of the offering may be completed pursuant to Multilateral CSA Notice 45-313 -- prospectus exemption for distributions to existing securityholders (CSA 45-313), and the corresponding blanket orders and rules implementing CSA 45-313 in the participating jurisdictions in respect thereof. As at the date hereof, the existing securityholder exemption is available in each of the provinces of Canada, with the exception of Newfoundland and Labrador.

Subject to applicable securities laws, the company will permit each person or company which, as of June 23, 2017 (being the record date set by the company pursuant to CSA 45-313), holds common shares as of that date to subscribe for the units that will be distributed pursuant to the offering, provided that the existing securityholder exemption is available to such person or company. Qualifying shareholders who wish to participate in the offering should contact the company at the contact information set forth below. In the event that aggregate subscriptions for units under the offering exceed the maximum number of securities to be distributed, then units will be sold to qualifying subscribers on a pro rata basis based on the number of units subscribed for. Insiders may participate in the offering.

In addition to the existing securityholder exemption, a portion or all of the offering may be completed pursuant to Multilateral CSA Notice 45-318 -- prospectus exemption for certain distributions through an investment dealer (CSA 45-318), and the corresponding blanket orders and rule implementing CSA 45- 318 in the participating jurisdictions in respect thereof. As at the date hereof, the investment dealer exemption is available in each of Alberta, British Columbia, Saskatchewan, Manitoba and New Brunswick. Pursuant to CSA 45-318, each subscriber relying on the investment dealer exemption must obtain advice regarding the suitability of the investment from a registered investment dealer.

There is no material fact or material change of the company that has not been generally disclosed.

In addition to conducting the offering pursuant to the existing securityholder exemption and the investment dealer exemption, the offering will also be conducted pursuant to other available prospectus exemptions.

About One World Minerals Inc.

One World Minerals is an exploration and development company which trades on the Canadian Securities Exchange with the symbol OWM. The company has a senior exploration team of geologists and engineers that each have over 40 years experience in precious and base metals as well as lithium in both North America and South America.

We seek Safe Harbor.

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