Gold Lion Announces Closing of Prospectus Offering of Units by Eight Capital
305-1770 Burrard St. Vancouver, British Columbia V6J 3G7
T: (778) 772-1751/ W: https://goldlionresources.com/
GOLD LION RESOURCES INC.
NEWS RELEASE
Not for distribution to United States newswire services or for dissemination in the United States.
Gold Lion Announces Closing of Prospectus Offering of Units by
Eight Capital
Vancouver, British Columbia / November 3, 2020 – Gold Lion Resources Inc. (“Gold Lion” or the
“Company”) ( CSE: GL) (FWB: 2BC) is please d to announce the closing of its marketed short form
prospectus offering (the “ Offering”) pursuant to which the Company issued 6,666,667 units of the
Company (“Units”) at a price of $0.45 per Unit for gross proceeds of $ 3,000,000.15. Each Unit consists
of one common share of the Company (each, a “ Unit Share”) and one common share purchase warrant
(each, a “ Warrant”) entitling the holder to purchase one common share of the Company (a “ Warrant
Share”) at a price of $0.60 per Warrant Share fo r a period of 24 months following issuance of such
Warrant.
The Offering was led by Eight Capital as the sole agent and bookrunner. As compensation, Eight Capital
received a cash commission of $205,143.75 and received 455,875 agent warrants (each, an “ Agent
Warrant”). Each Agent Warrant is exercisable for one common share of the Company at a price of $0.45
per share for a period of 24 months following issuance of such Agent Warrant.
The net proceeds from the Offering will be used to advance the exploration for the Company’s Idaho gold
projects (primarily the Robber Gulch Property), as well as for working capital and general corporate
purposes.
Oliver Friesen, the Company’s CEO, purchased 109,723 Units under the Offering, representing
$49,375.35 of the gross proceeds received by the Company. Participation by Mr. Friesen in the Offering
is considered a “r elated party transaction ” pursuant to Multilateral Instrument 61 -101 - Protection of
Minority Holders in Special Transactions ( “MI 61-101”). The Company is exempt from the requirements
to obtain a formal valuation or minority shareholder approval in connection with Mr. Friesen’s
participation in the Offering pursuant to sections 5.5(a) and 5.7(1)(a) of MI 61 -101. The material change
report i n connection with Mr. Friesen’s participation in the Offering was filed less than 21 days in
advance of the closing of the Offering, which the Company deem s reasonable in the context of the
required chronological course of a short form prospectus offering such as the Offering.
The Company has applied to list the Unit Shares and the Warrant Shares on the Canadian Securities
Exchange (the “ CSE”). There is no established trading market for the Warrants and the Company does
not expect a market to develop. A copy of the Company’s final short form p rospectus for the Offering is
available under the Company’s profile at www.sedar.com.
The securities being offered have not been, nor will they be, registered under the United States Securities
Act of 1933, as amended, and may not be offered or sold in the United States or to, or for the account or
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benefit of, U.S. persons 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 Gold Lion Resources Inc.
Gold Lion Resources Inc. is a mineral exploration company actively involved in the exploration of its
precious metal focused portfolio including the South Orogrande, Erikson Ridge, Robber Gulch, Cuteye
and the Fairview Properties located in Idaho and British Columbia . For more information please visit:
https://goldlionresources.com/.
ON BEHALF OF THE BOARD OF DIRECTORS
Borzoo Zare
CFO
T: +1 (778) 888-5315
The CSE and Information Service Provider have not reviewed and does not accept responsibility for the
accuracy or adequacy of this release.
Forward-looking Information Cautionary Statement
Certain information contained in this news release constitutes forward -looking information within the
meaning of Canadian securities laws ("forward -looking statements"). All statements in this news release,
other than statements of historical fact, which a ddress events, results, outcomes or developments that
Gold Lion expects to occur are forward -looking statements. Forward -looking statements include
statements that are predictive in nature, depend upon or refer to future events or conditions, or include
words such as "expects", "anticipates", "plans", "believes", "estimates", "considers", "intends", "targets",
or negative versions thereof and other similar expressions, or future or conditional verbs such as "may",
"will", "should", "would" and "could". More particularly and without restriction, this news release
contains forward -looking statements and information as to management's expectations with respect to,
among other things, the matters and activities contemplated in this news release.
By its nature, this information is subject to inherent risks and uncertainties that may be general or
specific and which give rise to the possibility that expectations, forecasts, predictions, projections or
conclusions will not prove to be accurate, that assumptions ma y not be correct and that objectives,
strategic goals and priorities will not be achieved. Factors that could cause future results or events to
differ materially from current expectations expressed or implied by the forward -looking statements
include rece ipt of all necessary regulatory approvals, availability of financing to fund Gold Lion’s
exploration and development activities, the ability of the current exploration program to identify mineral
resources, operational risks in exploration and development for gold, delays or changes in plans with
respect to exploration or development projects or capital expenditures, uncertainty as to calculation of
mineral resources, changes in commodity and power prices, changes in interest and currency exchange
rates, th e ability to attract and retain qualified personnel, inaccurate geological and metallurgical
assumptions (including with respect to the size, grade and recoverability of mineral resources), changes
in development or mining plans due to changes in logistica l, technical or other factors, title defects,
government approvals and permits, cost escalation, changes in general economic conditions or
conditions in the financial markets, environmental regulation, operating hazards and risks, delays,
taxation rules, c ompetition, public health crises such as the COVID -19 pandemic and other uninsurable
risks, liquidity risk, share price volatility, dilution and future sales of common shares, aboriginal claims
and consultation, cybersecurity threats, climate change, delay s and other risks described in Gold Lion’s
documents filed with Canadian securities regulatory authorities. You can find further information with
respect to these and other risks in Gold Lion’s filings made with Canadian securities regulatory
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authorities a nd available at www.sedar.com. Other than as specifically required by law, Gold Lion
undertakes no obligation to update any forward-looking statement to reflect events or circumstances after
the date on which such statement is made, or to reflect the occurrence of unanticipated events, whether as
a result of new information, future events or results otherwise.