Lion One Receives US$23 Million from 1st Tranche of Nebari Financing Facility and Closes US$2 Million Equity Private Placement
Lion One Receives US$23 Million from 1st
Tranche of Nebari Financing Facility and
Closes US$2 Million Equity Private Placement
North Vancouver, British Columbia--(Newsfile Corp. - February 10, 2023) -
Lion One Metals Limited
(TSXV: LIO) (OTCQX: LOMLF) (ASX: LLO) ("
Lion One
" or the "
Company
")
announces the Company
has completed its previously announced debt and equity financing transaction and has received total
proceeds of US$25 million from: i) the funding of the US$23 million 1
st
tranche ("
Tranche 1
") of its
previously announced US$37 million financing facility (the "
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
"), and (ii) Nebari's completion of a US$2 million equity private
placement in the Company, for the development of Lion One's 100% owned Tuvatu Alkaline Gold Project
in Fiji (the "
Equity Investment
").
In addition to Tranche 1, an additional US$12 million is available under the Financing Facility at Lion
One's option in up to two further tranches which may be drawn on by Lion One within 18 months of the
date of the Financing Facility. The Equity Investment involved Nebari's subscription for 3,125,348
common shares of Lion One ("
Common Shares
") priced at CAD$0.86 per Common Share.
In connection with the funding of Tranche 1, 15,333,087 warrants (the "
Warrants
") have been issued to
Nebari with each Warrant exercisable into one Common Share at a price of CAD$1.49 for a period of
42 months from the date hereof. The Warrants are non-transferable and will be subject to an accelerator
provision whereby the Borrower may accelerate the expiry date of up to 25% of the Warrants in the event
that the volume weighted average trading price of the Common Shares exceeds 100% over the strike
price for a period of twenty consecutive trading days on the TSX-V. Lion One has the option to
accelerate the expiry of further 25% portions of the Warrants at four-month intervals, up to a maximum of
75% of the Warrants.
The Common Shares subscribed for pursuant to the Equity Investment and the Warrants will be subject
to a hold period expiring May 11, 2023 in accordance with Canadian securities laws and policies of the
TSX-V. Neither the Common Shares subscribed for pursuant to the Equity Investment nor the Warrants
have 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 Tuvatu
The Tuvatu Alkaline Gold Project is located on the island of Viti Levu in Fiji. The January 2018 mineral
resource for Tuvatu as disclosed in the technical report "Technical Report and Preliminary Economic
Assessment for the Tuvatu Gold Project, Republic of Fiji", dated September 25, 2020, and prepared by
Mining Associates Pty Ltd of Brisbane Qld, 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 U and on the SEDAR website at
www.sedar.com
.
About Nebari
Nebari is a US-based investment manager specializing in privately offered pooled investment vehicles
including Nebari Gold Fund 1, LP, Nebari Natural Resources Credit Fund I, LP and Nebari Natural
Resources Credit Fund II, LP which are funding the Financing Facility to Lion One. The Nebari
leadership team has deep experience with leading global mining companies and financial institutions
and is known for partnering with motivated and capable management teams focused on achieving clear
plan targets.
About Lion One Metals Limited
Lion One's flagship asset is 100% owned, fully permitted high grade Tuvatu Alkaline Gold Project,
located on the island of Viti Levu in Fiji. Lion One envisions a low-cost high-grade underground gold
mining operation at Tuvatu coupled with exciting exploration upside inside its tenements covering the
entire Navilawa Caldera, an underexplored yet highly prospective 7km diameter alkaline gold system.
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.
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 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 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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https://www.newsfilecorp.com/release/154355