Desert Lion Energy Completes Shares for Debt Settlement
TORONTO, March 15, 2018 /CNW/ - Namibian lithium developer and lithium concentrate producer Desert Lion Energy Inc. (TSXV: DLI) ("Desert Lion" or the "Company") is pleased to announce that the Company has completed its previously announced shares for debt settlement with certain creditors (the "Shares for Debt Settlement") after being granted approval of the TSX Venture Exchange.
Pursuant to the Shares for Debt Settlement, the Company has issued a total of 8,241 common shares of Desert Lion at a deemed price of $1.82 per share in satisfaction of an outstanding loan of $15,000. In addition, the Company has issued 65,935 common shares of Desert Lion at a deemed price of $1.82 per share to settle $120,000 of unpaid consulting fees owed to Emprise Capital Corp., a private company of which Scott Ackerman, the former President and CEO of the Company, is a principal. The common shares issued pursuant to the Shares for Debt Settlement are subject to a four month and one day hold period expiring on July 16, 2018.
About Desert Lion Energy
Desert Lion Energy is an emerging lithium development company focused on building Namibia's first large-scale lithium mine to be located 30 km south east of Karibib and approximately 210 km from the nation's capital of Windhoek. The Company's Rubicon and Helikon mines is located within a 1,054 km2 prospective land package, with known lithium bearing pegmatitic mineralization and the Company is currently in Phase 1 of its production plan, producing and exporting lithium concentrate from stockpiled material. The project site is accessible year-round by road and has access to power, water, rail, port, airport and communication infrastructure.
SOURCE Desert Lion Energy
Contact
please contact: Desert Lion Energy Inc., Tim Johnston, President & CEO; Salisha Ilyas, VP, Investor Relations; Tel: (416) 309-2953, Email: info@desertlionenergy.com