Effective May 11, 2023, the company's unit offering filed pursuant to the prospectus supplement dated May 5, 2023, to the short form base shelf prospectus dated May 13, 2022, was filed with and accepted by the TSX Venture Exchange. The short form base shelf prospectus was filed with the British Columbia Securities Commission and the authorities of all provinces except Quebec.

The TSX Venture Exchange has been advised that closing occurred on May 11, 2023, for gross proceeds of $27,002,000.

Underwriters:  Eight Capital, Canaccord Genuity Corp., Raymond James Ltd. and Roth Canada Inc.

Offering:  28,742,500 units (Each unit consists of one common share in the capital of the company and one-half of one common share purchase warrant.)

Unit price:  92 cents per unit

Warrant exercise price/term:  $1.25 per share/30 months

Underwriters' warrants:  1,718,550 non-transferable warrants, each exercisable to purchase one share at 92 cents per share for a period of 30 months

Overallotment option:  nil

Private placement -- brokered

The TSX Venture Exchange has accepted for filing documentation with respect to a brokered private placement announced on May 5, 2023, completed concurrently with the offering and on the same terms.

Number of shares:  607,500 common shares

Purchase price:  92 cents per share

Warrant:  303,750 share purchase warrants to purchase 303,750 shares

Warrant purchase price:  $1.25 for 30 months from the date of issuance

Number of placees:  four placees

Agents' fees:  Eight Capital Corp., 21,870 compensation options; Canaccord Genuity Corp., 7,290 compensation options; Raymond James Ltd., 3,645 compensation options; Roth Capital Inc., 3,645 compensation options (Each compensation option is exercisable to purchase one share at 92 cents per share for a period of 30 months.)

Agents' fees (cash component):  Eight Capital, $21,320.40; Canaccord Genuity, $7,106.80; Raymond James, $3,553.40; Roth Capital, $3,553.40

New listing -- warrants

Effective at the opening on May 15, 2023, the common share purchase warrants of the company will commence trading on the TSX Venture Exchange. The company is classified as a mining company.

Corporate jurisdiction:  British Columbia

Capitalization:  16,876,250 warrants, authorized by a warrant indenture dated May 11, 2023, and a first supplement indenture dated May 5, 2023, of which 14,675,000 warrants are issued and outstanding

Transfer agent:  Computershare Trust Company Of Canada

Trading symbol:  LIO.WT

Cusip No.:  536216 15 3

Each warrant entitles the holder to purchase one common share of the company at a price of $1.25 per share and will expire at 5 p.m. Vancouver time on Nov. 11, 2025.

The underlying warrants are governed by the terms and conditions of the warrant indenture dated May 11, 2023, and were issued pursuant to the offering noted above.

For further details, please refer to the company's supplement dated May 5, 2023, filed on SEDAR and the company's news releases dated May 3, 2023, and May 11, 2023.