07:42:43 EDT Thu 22 Oct 2020
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Lion One Metals Ltd
Symbol LIO
Shares Issued 126,966,387
Close 2020-10-13 C$ 1.71
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Lion One Metals receives $17.25M from warrant exercise

2020-10-13 09:59 ET - News Release

Mr. Walter Berukoff reports


Lion One Metals Ltd.'s shareholders have exercised a total of 14,375,000 warrants, representing 100 per cent of the $1.20 warrants issued in connection with its $11.5-million December, 2019, private placement (refer to Dec. 6, 2019, press release) for gross proceeds of approximately $17.25-million.

During and subsequent to the three-month period ended Sept. 30, 2020, the company also received additional proceeds of $401,500 from the exercise of 501,875 broker units priced at 80 cents issued in connection with the December, 2019, private placement and $430,500 from the exercise of 358,750 of the underlying compensation warrants priced at $1.20. A total of 137,500 stock options were also exercised during this period at prices of 75 cents and $1 for proceeds of $121,875. Total proceeds from the exercise of all warrants and stock options during this period were approximately $18.2-million, for total working capital of $66-million.

Lion One chief executive officer Walter Berukoff commented, "This strong cash position will enable us to continue our aggressive drilling and development work at the high-grade Tuvatu alkaline gold project in Fiji, where recent drilling returned 55.43 grams per tonne gold over 12.7 metres from TUDDH-500, with continued exploration in the wider surrounding Navilawa caldera."

About Lion One Metals Ltd.

Lion One's flagship asset is the 100-per-cent-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 seven-kilometre-diameter alkaline gold system. Mr. Berukoff leads an experienced team of explorers and mine builders and has owned or operated over 20 mines in seven countries. As the founder and former chief executive officer of Miramar Mines, Northern Orion and La Mancha Resources, Mr. Berukoff is credited with building over $3-billion of value for shareholders.

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