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PRESS RELEASE: Lion One Announces Completion of $11.5 Million Brokered Private Placement of Units

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PRESS RELEASE: Lion One Announces Completion of $11.5 Million Brokered Private Placement of Units



DGAP-News: Lion One Metals Limited / Key word(s): Miscellaneous
Lion One Announces Completion of $11.5 Million Brokered Private Placement of
Units
2019-12-06 / 22:43
The issuer is solely responsible for the content of this announcement.

North Vancouver, British Columbia(Newsfile Corp. - December 6, 2019) -
Lion One Metals Limited (TSXV: LIO) (OTCQX: LOMLF) (ASX: LLO) ("*Lion One*"
or the "*Company*") is pleased to announce that it has closed its previously
announced brokered private placement of units (the "*Units*"), including the
exercise of the agents' over-allotment option in full, for gross proceeds of
C$11,500,000 (the "*Private Placement*"). The Private Placement was
completed on a best-effort agency basis through Echelon Wealth Partners Inc.
and Eight Capital as co-lead agents and joint bookrunners on behalf of a
syndicate of agents including Scarsdale Equities LLC and Red Cloud
Securities (collectively, the "*Agents*").

Walter Berukoff, Lion One's Chief Executive Officer, stated "The Company is
very pleased with the outcome of the Private Placement, including the
exercise in full of the Agents' over-allotment option. The Company is now
well capitalized to continue our exploration work on the Navilawa alkaline
gold system to expand the Tuvatu project while simultaneously advancing
development planning for the Tuvatu project. With drilling ongoing and
strong support from the capital markets Lion One is positioned for further
success in 2020."

Pursuant to the Private Placement, the Company issued a total of 14,375,000
Units at a price of $0.80 per Unit (the "*Issue Price*"). Each Unit consists
of one common share and one common share purchase warrant (the "*Warrants*")
in the Company. Each Warrant will entitle the holder to purchase one
additional common share of the Company at a price of $1.20 at any time until
June 6, 2021, subject to an accelerated expiry option whereby the Company
can trigger an accelerated 30-day expiry of the Warrants if the closing
price of the Company's common shares listed on the TSX Venture Exchange (the
"*TSX-V*") remains equal to or higher than $1.65 for 20 consecutive trading
days. On the 20th consecutive trading day above $1.65 (the "*Acceleration
Trigger Date*"), the Warrant expiry date may be accelerated to 30 trading
days after the Acceleration Trigger Date by the issuance of a news release
announcing such acceleration, within two trading days of the Acceleration
Trigger Date.

In consideration for their services, the Agents will receive a cash
commission equal to 6.0% of the gross proceeds of the Private Placement
(including the Agent's Option) which shall be payable on the closing date of
the Private Placement, and that number of broker warrants ("*Broker
Warrants*") equal to 6.0% of the number of Units sold pursuant to the
Private Placement (including the Agent's Option).

The net proceeds of the Private Placement will be used to fund the
exploration and development of the Company's 100% owned and fully permitted
high grade Tuvatu Gold Project, and for working capital purposes. All
securities issued under this financing are subject to a hold period expiring
on April 7, 2020 in accordance with applicable securities laws and policies
of the TSX-V.

*About Lion One Metals* *Limited*
Lion One's flagship asset is 100% 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 7km
diameter alkaline gold system. Lion One's CEO Walter Berukoff leads an
experienced team of explorers and mine builders and has owned or operated
over 20 mines in 7 countries. As the founder and former CEO of Miramar
Mines, Northern Orion, and La Mancha Resources, Walter is credited with
building over $3 billion of value for shareholders.

Not for distribution to United States newswire services or for dissemination
in the United States. This news release does not constitute an offer to sell
or a solicitation of an offer to buy any of the securities in the United
States. The securities have not been and will not be registered under the
United States Securities Act of 1933, as amended (the "*U.S. Securities
Act*") or any state securities laws and may not be offered or sold within
the United States or to U.S. persons unless registered under the U.S.
Securities Act and applicable state securities laws or an exemption from
such registration is available. This news release shall not constitute an
offer to sell or the solicitation of an offer to buy in the United States or
to, or for the account or benefit of, persons in the United States or U.S.
Persons nor shall there by any sale of the securities in any jurisdiction in
which such offer, solicitation or sale would be unlawful.

On behalf of the Board of Directors of Lion One Metals Limited
"Walter Berukoff"
Chairman and CEO

For further information, contact Investor Relations
Toll Free (North America) Tel: 1-855-805-1250
Email: info@liononemetals.com
Website: www.liononemetals.com [1]

*Neither the TSX Venture Exchange nor its Regulation Service Provider
accepts responsibility
for the adequacy or accuracy of this release.*

*Cautionary Note Regarding Forward-Looking Statements*

This press release may contain "forward-looking information" within the
meaning of applicable Canadian securities legislation. All statements, other
than statements of historical fact, included herein are forward looking
information. Generally, forward-looking information may be identified by the
use of forward-looking terminology such as "plans", "expects" or "does not
expect", "proposed", "is expected", "budget", "scheduled", "estimates",
"forecasts", "intends", "anticipates" or "does not anticipate", or
"believes", or variations of such words and phrases, or by the use of words
or phrases which state that certain actions, events or results may, could,
would, or might occur or be achieved. This forward-looking information
reflects Lion One Metals Limited's current beliefs and is based on
information currently available to Lion One Metals Limited and on
assumptions Lion One Metals Limited believes are reasonable. These
assumptions include, but are not limited to, the actual results of
exploration projects being equivalent to or better than estimated results in
technical reports, assessment reports, and other geological reports or prior
exploration results. Forward-looking information is subject to known and
unknown risks, uncertainties and other factors that may cause the actual
results, level of activity, performance or achievements of Lion One Metals
Limited or its subsidiaries to be materially different from those expressed
or implied by such forward-looking information. Such risks and other factors
may include, but are not limited to: the early stage development of Lion One
Metals Limited, general business, economic, competitive, political and
social uncertainties; the actual results of current research and development
or operational activities; competition; uncertainty as to patent
applications and intellectual property rights; product liability and lack of
insurance; delay or failure to receive board or regulatory approvals;
changes in legislation, including environmental legislation, affecting
mining, timing and availability of external financing on acceptable terms;
not realizing on the potential benefits of technology; conclusions of
economic evaluations; and lack of qualified, skilled labour or loss of key
individuals. Although Lion One Metals Limited has attempted to identify
important factors that could cause actual results to differ materially from
those contained in forward-looking information, there may be other factors
that cause results not to be as anticipated, estimated or intended.
Accordingly, readers should not place undue reliance on forward-looking
information. Lion One Metals Limited does not undertake to update any
forward-looking information, except in accordance with applicable securities
laws.

Not for distribution to United States Newswire Services or for dissemination
in the United States.

To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/50536 [2]

Click on, or paste the following link into your web browser,to view the
associated documents http://www.newsfilecorp.com/release/50536
News Source: Newsfile

2019-12-06 Dissemination of a Corporate News, transmitted by DGAP - a
service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

The DGAP Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Archive at www.dgap.de
Language: English
Company: Lion One Metals Limited

Canada
ISIN: CA5362161047
EQS News ID: 930823

End of News DGAP News Service

930823 2019-12-06


1: https://link.cockpit.eqs.com/cgi-bin/fncls.ssp?fn=redirect&url=5434ce92f2abb47d41e1a785ab989d7d&application_id=930823&site_id=vwd&application_name=news
2: https://link.cockpit.eqs.com/cgi-bin/fncls.ssp?fn=redirect&url=7c63198a7404f86982a1181a33d1e321&application_id=930823&site_id=vwd&application_name=news


(END) Dow Jones Newswires

December 06, 2019 16:43 ET ( 21:43 GMT)
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