Le Lézard
Classified in: Mining industry
Subject: ACC

Desert Lion Energy Strengthens its Balance Sheet via Shares for Debt Settlements


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


These press releases may also interest you

at 06:35
Metals Acquisition Limited ARBN 671 963 198 , a private limited company incorporated under the laws of Jersey, Channel Islands ("MAC" or the "Company") announces its Annual Report for the financial year ended 31 December 2023 ("2023 Annual Report")....

at 06:30
Verde AgriTech Ltd ("Verde" or the "Company") announces its financial results for the full year ended December 31, 2023 ("FY 2023") and the fourth quarter 2023 ("Q4 2023"), as audited by Ernst & Young ("EY"). The FY 2023 audited results were...

at 06:30
FISCAL 2024 Q2 HIGHLIGHTS Net sales of $935.3 million decreased 2.7% YoY, 290 basis points below the Industrial Production (IP) IndexOperating income of $91.2 million, or $97.8 million adjusted to exclude restructuring and other costs as well as...

at 06:05
Calibre Mining Corp. ("Calibre" or the "Company") is pleased to announce the Company has entered into a key pre-commissioning and commissioning contract with Reliable Controls Corporation of Salt Lake City ("RCC") for the Company's Valentine Gold...

at 06:00
Stallion Uranium Corp. (the "Company" or "Stallion") is pleased to announce that it has appointed Matthew Schwab, an acclaimed exploration geologist in the Athabasca Basin, to its Board of Directors. At the same time, the Company thanks Terry Wells...

at 06:00
Young Mining Professionals ("YMP") is pleased to announce that the winners for 2024 of the YMP Peter Munk and Eira Thomas Awards for Young Male and Female Mining Professionals of the Year are Scott Berdahl and Ella Cullen. The YMP Awards, presented...



News published on and distributed by: