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
