Desert Lion Completes Previously Announced Shares for Debt Settlement
TORONTO, April 22, 2019 (GLOBE NEWSWIRE) -- Desert Lion Energy Inc. (TSXV: DLI) (OTCQB: DSLEF) (“Desert Lion” or the “Company”) is pleased to announce that the Company has completed its shares for debt settlement with certain creditors that was previously announced on March 12, 2019 (the “Shares for Debt Settlement”) after being granted approval by the TSX Venture Exchange.
Pursuant to the Shares for Debt Settlement, the Company has issued a total of 16,683,922 common shares of Desert Lion at a deemed price of $0.196 per share in satisfaction of outstanding debt of $3,272,570. The common shares issued pursuant to the Shares for Debt Settlement are subject to a four month and one day hold period expiring on August 18, 2019.
About Desert Lion Energy
Desert Lion is an emerging lithium 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 “Project”). The Company’s Rubicon and Helikon mines are located within a 501 km2 prospective land package, with known lithium bearing pegmatitic mineralization, and the Company is advancing towards Phase 2 concentrate production. 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