Desert Lion Energy: Interest Payment of Convertible Promissory Notes
TORONTO, Jan. 15, 2019 (GLOBE NEWSWIRE) -- Desert Lion Energy Inc. (TSXV: DLI) (OTCQB: DSLEF) (“Desert Lion” or the “Company”) announces that it intends to issue an aggregate of 178,803 common shares of the Company (the "Common Shares") at a deemed price per share of $0.095 in payment of $16,986.30 in interest due and payable under the Company's secured convertible notes due June 11, 2019 (the "Notes"). Under the terms of the Notes, the Company has the option to pay one-third of the monthly interest due on the Notes in Common Shares. The balance of the interest owing under the Notes, being $33,972.60, has been paid in cash.
The issuance of the Common Shares in payment of interest on the Notes is subject to the approval of the TSX Venture Exchange and the Common Shares will be subject to hold period of four months and one day.
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
For more information, please contact:
Desert Lion Energy Inc.
Tim Johnston, Chief Executive Officer
Tel: (416) 309-2953