ION Energy Announces Corporate Update: Leadership Changes and Bliss Lake Agreement
ION Energy Announces Corporate Update:
Leadership Changes and Bliss Lake
Agreement
Toronto, Ontario--(Newsfile Corp. - August 30, 2023) - ION Energy Limited (TSXV: ION) (OTCQB:
IONGF) (FSE: 5YB) ("
ION
" or the "
Company
") is pleased to announce exciting leadership changes, as
the Company continues on its rapid growth trajectory.
Robert Payment will be joining the ION Energy team as Chief Financial Officer, as a seasoned CPA with
16 years of comprehensive experience spanning finance, reporting, regulatory compliance, public
company administration, equity markets, and the financing of publicly traded companies. His career
commenced in public practice focusing on the audit of public resource issuers, and since 2014 he has
served as a CFO and consultant to a portfolio of companies listed on both the TSX Venture Exchange
and the Canadian Securities Exchange (CSE).
Robert succeeds John McVicar, who is retiring after 3 years with the Company. John served ION Energy
through its foundational phase as a junior mining company. With his 30 years of international business
experience in management consulting and finance at a Big 4 firm, John was instrumental in shepherding
the Company through multiple rounds of pivotal financings, annual financial reporting cycles and several
strategic acquisitions. ION Energy's management is grateful for Mr. McVicar's leadership over the last 3
years and wishes him well in retirement.
Governance Addition
As part of its ongoing commitment to governance best practices, and diversity of perspectives and
professional experience, ION Energy is delighted to welcome an addition to its Board. Joseph Gallucci
will be joining the team, in the capacity of Director. Mr. Gallucci is a senior capital markets executive and
corporate director with over 20 years of experience in investment banking and equity research. His
career has focused on mining, base metals, precious metals, critical metals and bulk commodities on a
global scale, and has spanned across various firms including BMO Capital Markets, GMP Securities
and Dundee Securities. Joseph is currently the Managing Director and Head of Investment Banking at
Laurentian Bank Securities Inc. where he oversees the investment banking practice in entirety. Mr
Gallucci holds the ICD.D designation.
Ali Haji, CEO & Director of ION Energy has remarked,
"Our Company continues to attract support from
highly-credible and talented leaders from the mining and capital markets sectors. To have had this
calibre of talent through the early years, and to now welcome new perspectives is the natural
progression of a successful and growing mining entity like ION Energy. Our team is delighted to
welcome Mr. Payment and Mr. Gallucci. Joseph's appointment to ION's Board reinforces our
commitment for value creation for stakeholders. We eagerly anticipate his contributions in propelling
our company towards a prosperous future."
Joseph Gallucci, the newly-appointed ION Energy Director comments,
"I am excited to join the board of
directors of ION Energy. The Urgakh Naran Lithium Brine project in Mongolia presents a remarkable
opportunity to advance sustainable energy solutions in proximity to the world's largest lithium battery
manufacturer, China. I am committed to leveraging my expertise to contribute to the company's
growth and success to create sustainable value for all stakeholders."
TSXV Acceptance of Bliss Lake Application
Pursuant to the Company's August 16, 2023 press release, and the TSXV's acceptance for filing
documentation relating to the Bliss Lake agreement, ION Energy Ltd would like to clarify that the 571,428
shares issued includes the finders fees. The Company will also further issue up to 1,250,000 common
shares of the Company (with a floor price per share of $0.20) one year from Closing if an assay result of
a sample from the Property during the 12 months after the Closing Date yields a grade of at least 0.5%
Li2O, and further issue up to 1,250,000 common shares of the Company (with a floor price per share of
$0.20) two years from Closing if an assay result of a sample from the Property during the 24 months after
the Closing Date yields a grade of at least 0.5% Li2O. In the event that the Company announces a
mineral resource estimate of at least 5 million tonnes of measured, indicated and inferred resources
containing Lithium Oxide (Li2O) grading of at least 1.00% on the mining claims on the Property, the
Company will pay an additional $300,000 cash payment within five days of the announcement to certain
Vendors.
For additional information about Bliss Lake, see ION's press releases dated
May 11, 2023
and
June 28,
2023
.
ION Energy Name Change
ION Energy has made an application to the TSX Venture Exchange ("TSXV") to change the Company's
name to
"Lithium ION Energy Ltd."
(the "Name Change"). Pursuant to the Name Change, the
Company's securities will continue to trade on the TSXV under the ticker 'ION'. The new CUSIP assigned
to the Company's common shares following the Name Change will be 53680X103 (ISIN:
CA53680X1033).
The Name Change was authorized by ION Energy's shareholders at the Company's Annual General and
Special meeting held on July 5, 2023. Common shares owned by shareholders of the Company will be
automatically adjusted as a result of the Name Change and no further action is required to be taken by
shareholders. The TSXV will publish a bulletin announcing the effective date of the Name Change.
The Name Change remains subject to final approval by the TSXV. It is anticipated that the common
shares will commence trading under the Company's new name of
Lithium ION Energy Ltd.,
on or about
September 1, 2023.
About ION Energy Ltd.
ION Energy Ltd. (TSXV: ION) (OTCQB: IONGF) (FSE: 5YB) is committed to exploring and developing
high quality lithium resources in strategic jurisdictions. ION's flagship, 81,000+ hectare Baavhai Uul
lithium brine project represents the largest and first lithium brine exploration licence award in Mongolia.
ION also holds the 29,000+ hectare Urgakh Naran highly prospective lithium brine licence in Dorngovi
Province in Mongolia. With the acquisition of the Bliss Lake and Little Nahani projects in NWT, Canada,
ION will have significantly enhanced its lithium asset and jurisdiction profile. ION is well-poised to be a
key player in the clean energy revolution, positioned well to service the world's increased demand for
lithium. Information about the Company is available on its website,
www.ionenergy.ca
, or under its profile
on SEDAR+ at
www.sedarplus.ca
.
For further information:
COMPANY CONTACT: Ali Haji,
, 647-871-4571
MEDIA CONTACT: Siloni Waraich,
, 416-432-4920
Neither the 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 news
release.
Cautionary Note Regarding Forward-Looking Information
Information set forth in this news release contains forward-looking statements. Forward-looking
statements include estimates and statements that describe the Company's future plans, objectives or
goals, including words to the effect that the Company or management expects a stated condition or
result to occur. Forward-looking statements may be identified by such terms as "believes", "anticipates",
"expects", "estimates", "may", "could", "would", "will", or "plan". Since forward-looking statements are
based on assumptions and address future events and conditions, by their very nature they involve
inherent risks and uncertainties. Although these statements are based on information currently available
to the Company, the Company provides no assurance that actual results will meet management's
expectations. Risks, uncertainties and other factors involved with forward-looking information could
cause actual events, results, performance, prospects and opportunities to differ materially from those
expressed or implied by such forward-looking information. Forward-looking information in this news
release includes, but is not limited to, the Company's objectives, goals or future plans, and statements,
and the prospectivity of its exploration property portfolio for lithium mineralization. Important factors that
could cause actual results to differ materially from ION Energy's expectations include, among others,
uncertainties relating to availability and costs of financing needed in the future, changes in equity
markets, risks related to international operations, the actual results of current exploration activities, and
delays in the development of projects. There can be no assurance that forward-looking statements will
prove to be accurate and actual results and future events could differ materially from those anticipated in
such statements. Accordingly, readers should not place undue reliance on forward-looking statements.
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/179097