TORONTO, Jan. 14, 2019 /CNW/ - Desert Lion Energy Inc. (TSXV: DLI) (OTCQB: DSLEF) ("Desert Lion" or the "Company") is pleased to announce it has entered agreements to settle $2,572,890.90 of its outstanding cash indebtedness owed to various Arm's Length creditors through the issuance of 14,221,914 common shares of the Company at an effective price of $0.1809 per common share.
"This debt settlement represents a significant portion of the Company's outstanding cash indebtedness to creditors and when combined with the recently completed equity private placement, strengthens the Company's balance sheet thus positioning us to execute on our previously announced exploration program," commented Tim Johnston, CEO of Desert Lion.
In accordance with applicable securities laws, the common shares issued will be subject to a hold period of four months and one day from the date of completion of the debt settlement.
The Company also announces that it has granted 3,500,000 stock options to Directors, Officers and Consultants of the Company each option exercisable at a price of $0.10 per share for a period of five years.
The transactions contemplated herein are subject to the approval of the TSX Venture Exchange.
About Desert Lion Energy
Desert Lion Energy is an emerging lithium exploration and development company focused on building Namibia's first large-scale lithium mine to be located approximately 210 km from the nation's capital of Windhoek and 220 km from the Port of Walvis Bay. The Company's Rubicon and Helikon mines are located within a 501 km2 prospective land package, with known lithium bearing pegmatitic mineralization. The project site is accessible year-round by road and has access to power, water, rail, port, airport and communication infrastructure.
NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE
SOURCE Desert Lion Energy
For further information: Desert Lion Energy Inc., Tim Johnston, Chief Executive Officer, Tel: (416) 309-2953, Email: [email protected]