Lion One Announces USD $8 Million Tranche 2 Draw Down on Nebari Financing Facility
Lion One Announces USD $8 Million Tranche 2
Draw Down on Nebari Financing Facility
North Vancouver, British Columbia--(Newsfile Corp. - January 2, 2024) -
Lion One Metals Limited
(TSXV: LIO) (OTCQX: LOMLF) (ASX: LLO)
("Lion One" or the "Company")
announces that the
Company has entered into an agreement to amend certain terms and drawn down a further USD $8
million of its Senior Secured Financing Facility provided by Nebari Gold Fund 1, LP, Nebari Natural
Resources Credit Fund I, LP, and Nebari Natural Resources Credit Fund II, LP (collectively, "Nebari"),
previously announced on Jan. 13, 2023. Proceeds from the Financing Facility have facilitated the
completion of construction and recent commissioning of the Company's 100% owned Tuvatu Gold Mine
operations in Fiji.
The Company has now drawn down a total of USD $31 million out of USD $35 million available in the
Financing Facility. Concurrently with drawing down Tranche 2 under the Financing Facility, the Company
amended certain reporting covenants under the facility agreement and agreed to re-price the
15,333,087 warrants (the "Warrants") issued at a price of CAD $1.49 to CAD $1.15 with the expiry date
extended from August 9, 2026 to February 9, 2027.
The amendments to the Warrant terms are subject to
the approval of the TSX Venture Exchange.
Interest on the first USD $23 million drawn in Tranche 1 of the Facility is 8% (plus three-month SOFR),
and amortization is on the Maturity Date 42 months from the original closing date, with no closing fees
payable. Tranches 2 (and 3) funding is subject to an 8% original issue discount and interest is 10% plus
SOFR, with progressive amortization over 42 months from the Tranche 2 funding date, with closing fees
equal to 2% of the amounts funded.
About Lion One Metals Limited
Lion One Metals is an emerging Canadian gold producer based in North Vancouver BC, with new
operations established in late 2023 at its 100% owned Tuvatu Alkaline Gold Project in Fiji. The Project
comprises the high-grade Tuvatu Gold Deposit, Gold Mine, Pilot Plant, and Assay Lab, with an extensive
exploration license area hosting multiple mineralized zones in the surrounding Navilawa Caldera.
As disclosed in its "Technical Report and PEA Update for the Tuvatu Gold Project" dated April 29, 2022,
the 2018 Tuvatu resource estimate comprises 1,007,000 tonnes indicated at 8.50 g/t Au (274,600 oz.
Au) and 1,325,000 tonnes inferred at 9.0 g/t Au (384,000 oz. Au) at a cut-off grade of 3.0 g/t Au.
The
technical report is available on the Lion One website at
www.liononemetals.com
and under the Lion One
profile on the SEDAR+ website at
www.sedarplus.ca
.
On behalf of the Board of Directors of
Lion One Metals Limited
"
Walter Berukoff
", Chairman and CEO
Contact Investor Relations
Toll Free (North America) Tel: 1-855-805-1250
Email:
Website:
www.liononemetals.com
Neither the TSX-V 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 believes 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 evaluations; 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.
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