Tickers: XCNQ:OWLI, PINX:OWRDF
Tags: #Mining
VANCOUVER, BC - TheNewswire - June 15, 2020 - One World Lithium Inc. (OTC:OWRDF) (CSE:OWLI) (CNSX:OWLI.CN) (the "Company" or "OWL") announces that it has made an application to the British Columbia Securities Commission to approve a temporary management cease trade order ("MCTO") under National Policy 12-203 - Management Cease Trade Orders ("NP 12-203"), which, if granted, will prohibit trading in securities of the Company by certain insiders of the Company, whether direct or indirect. The Company is seeking the MCTO as it is unable to file it Annual Required Filings (as defined below) within the extended deadline for filing the same under British Columbia Instrument 51-515 - Temporary Exemption from Certain Corporate Finance Requirements ("BCI 51-515").
As previously announced by the Company on April 23, 2020 and May 29, 2020, due to circumstances arising due to the COVID-19 pandemic, the Company was unable to complete the filing of its Annual Required Filings in a timely manner as required under National Instrument 51-102 - Continuous Disclosure Obligations ("NI 51-102"). The Company relied upon exemptive relief (including BCI 51-515) granted by the Canadian Securities Administrators and other securities regulators on March 18, 2020 (collectively, the "Blanket Relief"), which provides temporary relief to reporting issuers from certain requirements of NI 51-102, including the requirement of the Company to file and deliver its annual consolidated financial statements and accompanying management's discussion and analysis and related CEO and CFO certifications for the year ended December 31, 2019 (collectively, the "Annual Required Filings"), by April 29, 2020 , which was the filing deadline otherwise applicable under NI 51-102.
Based on the Company's reliance on the Blanket Relief, the filing deadline applicable to the Annual Required Filings is June 15, 2020 (the "Annual Filing Deadline"). However, due to the ongoing circumstances of the COVID-19 pandemic, the Company is also unable to file the Annual Required Filings before the Annual Filing Deadline. Notwithstanding the foregoing, the Company remains confident in its ability to complete the required filings but requires additional time to do so and has therefore applied for an MCTO.
The Company anticipates that it will be a position to remedy the default by filing the Annual Required Filings on or before July 15, 2020. The MCTO will be in effect until the Annual Required Filings are filed.
The Company intends to satisfy the provisions of the alternative information guidelines set out in Sections 9 and 10 of NP 12-203 so long as the Annual Required Filings are outstanding.
The Company confirms that there have been no undisclosed material business developments since November 28, 2019, the date of filing of the Company's third quarter interim financial statements for the period ended September 30, 2019.
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. The Company has an option to acquire a 90% interest in the 75,400 hectare Salar del Diablo Property.
On behalf of the Board of Directors of One World Lithium Inc.,
"Douglas Fulcher"
Douglas Fulcher, CEO and President
For further information please visit www.oneworldlithium.com or email info@oneworldlithium.com or call 1-888-280-8128.
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 Required 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.
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