Lion One Announces C$20 Million “Bought Deal” Private Placement of Units
Lion One Announces C$20 Million “Bought Deal” Private Placement of Units
NORTH VANCOUVER, BRITISH COLUMBIA--(Globe Newswire – July 23, 2020) –
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN
THE UNITED STATES
Lion One Metals Limited (TSX -V: LIO) (OTCQX: LOMLF) (ASX: LLO) (" Lion One" or the " Company") is
pleased to announce that it has entered into an agreement with Haywood Securities Inc. and Echelon
Wealth Partners Inc. as co -lead underwriters on behalf of a syndicate of underwriters (collectively, the
"Underwriters"), pursuant to which the Underwriters have agreed to purchase, on a "bought deal" private
placement basis, 11,765,000 units of the Company (the " Units") at a price of C$ 1.70 per Unit (the “ Issue
Price”), for total gross proceeds of C$20,000,500 (the " Offering"). Each Unit will consist of one common
share (a “ Common Share ”) in the capital of the Company and one -half (1/2) of one common share
purchase warrant (each whole co mmon share purchase warrant, a “ Warrant”) of the Company. Each
Warrant shall be exercisable to acquire one Common Share (a “ Warrant Share”) at a price per Warrant
Share of C$2.35 for a period of 12 months from the closing date of the Offering.
The Company has granted the Underwriters an option to purchase up to an additional 15% of the Offering
in Units (the "Underwriters’ Option"), exercisable in whole or in part at any time up to 48 hours prior to the
closing date.
The net proceeds from the sale of the Units will be used for exploration and development of the Company’s
Tuvatu Gold Project, as well as working capital and general corporate purposes.
The Offering is expected to close on or about August 11, 2020 and is subject to certain conditions including,
but not limited to, the receipt of all necessary approvals including the approval of the TSX Venture Exchange
and the applicable securities regulatory authorities. The Units to be issued under the Offering will be subject
to a hold period in Canada expiring four months and one day from the closing date of the Offering.
In connection with the Offering, the Underwriters will receive a cash commission of 6.0% of the gross
proceeds of the Offering and that number of no n-transferable compensation options (the “ Compensation
Options”) as is equal to 6.0% of the aggregate number of Units sold under the Offering. Each
Compensation Option is exercisable into one Common Share of the Company at the Issue Price for a period
of 24 months from the closing date of the Offering.
The securities offered have not been registered under the U.S. Securities Act of 1933, as amended, and
may not be offered or sold in the United States absent registration or an applicable exemption from the
registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer
to buy nor shall there be any sale of the securities in any State in which such offer, solicitation or sale would
be unlawful.
About Lion One Metals Limited
Lion One’s flagship asset is 100% owned high grade Tuvatu Gold Project, located in Navilawa Caldera, a
5 mile diameter alkaline gold system in Fiji. Lion One’s CEO Walter Berukoff leads an experienced team of
explorers and mine builders and has owned or operated over 20 mines in 7 countries. As the founder and
former CEO of Miramar Mines, Northern Orion, and La Mancha Resources, Walter is credited with building
over $3 billion of value for shareholders.
For further information
Contact Investor Relations
Toll Free (North America) Tel: 1-855-805-1250
Email: [email protected]
Website: www.liononemetals.com
Neither the TSX Venture Exchange nor its Regulation Service Provider accepts responsibility for
the adequacy or accuracy of this release.
This press release may contain statements that may be deemed to be "forward -looking statements" within
the meaning of applicable Canadian securities legislation. All statements, other than statements of historical
fact, included herein are forward looking information. Generally, forward -looking information may be
identified by the use of forward -looking terminology such as "plans", "expects" or "does not expect",
"proposed", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does
not anticipate", or "believes", or variations of such words and phrases, or by the use of words or phrases
which state that certain actions, events or results may, could, would, or might occur or be achieved. This
forward-looking information reflects Lion One Metals Limited's current beliefs and is based on information
currently available to Lion One Metals Limited and on assumptions Lion One Metals Limited believe s are
reasonable. These assumptions include, but are not limited to, the actual results of exploration projects
being equivalent to or better than estimated results in technical reports, assessment reports, and other
geological reports or prior exploration results. Forward-looking information is subject to known and unknown
risks, uncertainties and other factors that may cause the actual results, level of activity, performance or
achievements of Lion One Metals Limited or its subsidiaries to be materially different from those expressed
or implied by such forward-looking information. Such risks and other factors may include, but are not limited
to: the stage development of Lion One Metals Limited, general business, economic, competitive, political
and social uncertainties; the actual results of current research and development or operational activities;
competition; uncertainty as to patent applications and intellectual property rights; product liability and lack
of insurance; delay or failure to receive board or regulatory approvals; changes in legislation, including
environmental legislation, affecting mining, timing and availability of external financing on acceptable terms;
not realizing on the potential benefits of technology; conclusions of economic evalu ations; and lack of
qualified, skilled labour or loss of key individuals. Although Lion One Metals Limited has attempted to
identify important factors that could cause actual results to differ materially from those contained in forward-
looking information, there may be other factors that cause results not to be as anticipated, estimated or
intended. Accordingly, readers should not place undue reliance on forward -looking information. Lion One
Metals Limited does not undertake to update any forward-looking information, except in accordance with
applicable securities laws.