Mr. Sreenath Didugu reports

ION ANNOUNCES PRIVATE PLACEMENT AND CORPORATE RESTRUCTURING

Lithium Ion Energy Ltd. has made a corporate restructuring, including a non-brokered private placement of up to 15 million units at a purchase price of four cents per unit to raise total gross proceeds of up to $600,000, of which the company has received firm commitment for $400,000. The company will also refresh its board and bring on a new interim chief executive officer to lead Ion through this period of change.

Private placement

Each unit of the offering will consist of one common share of the company and one common share purchase warrant. Each warrant will entitle the holder to purchase one common share of the company at a price of five cents at any time on or before that date which is 24 months from the closing date of the offering subject to the approval of the TSX Venture Exchange. These units will be subject to a statutory hold period of four months plus one day from the date of issuance. Of the $600,000 available, Bataa Tumur-Ochir, director and long-term investor in Ion, has committed $400,000.

The net proceeds will be used to maintain the company's existing exploration portfolio and for general working capital. The units will be offered to qualified investors in reliance upon exemptions from the prospectus and registration requirements of applicable securities legislation. The company may pay finders' fees to eligible finders in connection with the offering, subject to compliance with applicable securities laws and the policies of the TSX-V.

All securities issued and sold under the offering will be subject to a hold period expiring four months and one day after the date of issuance in accordance with applicable securities laws and the policies of the TSX-V. Completion of the offering and the payment of any finders' fees remain subject to the receipt of all necessary regulatory approvals, including the approval of the TSX-V.

Board changes

The company further announces the resignations of Ali Haji as chief executive officer and director and Aneel Waraich and Enkhtuvshin Khishigsuren as directors, effective immediately.

The company wishes to thank Mr. Haji, Mr. Waraich and Mr. Khishigsuren for their continued efforts and numerous contributions during their tenure, and wishes them the best in their future endeavours.

Concurrently, the company welcomes Sreenath Didugu to the board of directors and as interim chief executive officer.

Mr. Didugu brings expertise in corporate advisory, capital markets and financial strategy, with a focus on structuring and financing high-potential mining ventures. He has advised Toronto Stock Exchange- and Australian Securities Exchange-listed resource companies and emerging ventures across restructurings, initial public offerings, reverse takeovers, dual listings, and merger-and-acquisition transactions. He is a founding partner of QCapital Partners, an Australian-based project generation and development firm specializing in the acquisition, advancement and capitalization of high-potential resource-sector assets. Mr. Didugu holds a bachelor of finance from the Australian National University.

Chairman of Ion Matthew Wood commented: "I would like to thank Mr. Haji, Mr. Waraich and Mr. Khishigsuren for their valuable contributions to the company during their tenure.

"The board is pleased to welcome Sreenath as interim chief executive officer and a member of the board. Sreenath's experience, leadership and strategic insight will be instrumental as the company undertakes its restructuring initiatives and positions itself to pursue future growth opportunities."

About Lithium Ion Energy Ltd.

Lithium Ion is committed to exploring and developing high-quality lithium resources in strategic jurisdictions. Ion is focused on advancing the 29,000-plus-hectare Urgakh Naran highly prospective lithium brine licence in Dorngovi province in Mongolia. Ion is positioned to be a key player in the clean energy revolution and service the world's increased demand for lithium.

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