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