Lion One Announces Closing of Upsized Sidecar Private Placement

Core Points - Lion One Metals Limited has successfully closed an upsized non-brokered sidecar private placement, raising gross proceeds of $8,310,245.44, in addition to a previously completed LIFE Offering that raised $25,000,000, totaling $33,632,005.12 [1][2][3] Financing Details - The Sidecar Private Placement involved the issuance of 25,969,517 units at a price of $0.32 per unit, which included one common share and one warrant per unit [2] - The total number of Offered Units issued under both the Sidecar Private Placement and the LIFE Offering is 105,100,016 [2] - Each warrant allows the holder to acquire one common share at an exercise price of $0.42 for three years [2] Use of Proceeds - The net proceeds from the offerings will be used for the development of the Tuvatu Gold Project, repayment of a loan facility, and working capital [3] Management Commentary - The CEO expressed satisfaction with the demand for the offerings, indicating strong confidence in the company and plans to accelerate mine development and production at Tuvatu [3] Finder's Fees - The company paid finder's fees totaling $635,904 in cash and issued 1,987,200 finders warrants, representing an 8% commission on the gross proceeds [4] Regulatory Information - The listing of the common shares is subject to final acceptance by the TSX Venture Exchange, with certain securities under a statutory hold period [5] Company Overview - Lion One Metals is an emerging Canadian gold producer with operations at the Tuvatu Alkaline Gold Project in Fiji, which includes a high-grade gold deposit and extensive exploration licenses [8]