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Lion One Metals Announces Amendment to Previously Announced Private Placement Offering of Units
NORTH VANCOUVER, British Columbia, Aug. 05, 2020 (GLOBE NEWSWIRE) -- Lion One Metals Limited (TSX-V: LIO) (OTCQX: LOMLF) (ASX: LLO) ("Lion One" or the "Company"
About this update from Lion One Metals Limited
[{"type":"text","content":" NORTH VANCOUVER, British Columbia, Aug. 05, 2020 (GLOBE NEWSWIRE) -- Lion One Metals Limited (TSX-V: LIO) (OTCQX: LOMLF) (ASX: LLO) (\"Lion One\" or the \"Company\") is pleased to announce that, further to its press releases dated July 23, 2020 and July 27, 2020, announcing a private placement offering of units of the Company, the Company has agreed with Haywood Securities Inc. (“Haywood”) to amend the terms of the offering. Pursuant to the amended agreement, Haywood and Echelon Wealth Partners Inc., as co-lead underwriters on behalf of a syndicate of underwriters, have agreed to purchase, on a “bought deal” private placement basis, (i) 11,765,000 units (the “Tranche 1 Units”) of the Company at a price of C$1.70 per Tranche 1 Unit (the “Tranche 1 Price”) for gross proceeds of C$20,000,500, and (ii) 7,318,000 units (the “Tranche 2 Units” and together with the Tranche 2 Units, the “Units”) of the Company at a price of $2.05 per Tranche 2 Unit (the “Tranche 2 Price”) for gross proceeds of C$15,001,900, for aggregate gross proceeds to the Company of $35,002,400 (the “Offering”). Each Tranche 1 Unit will consist of one common share (a “Common Share”) in the capital of the Company and one-half (1/2) of one common share purchase warrant (each whole common share purchase warrant, a “Tranche 1 Warrant”) of the Company. Each Tranche 1 Warrant shall be exercisable to acquire one Common Share (a “Warrant Share”) at a price per Warrant Share of C$2.35 for a period of 12 months from the closing date of the Offering. Each Tranche 2 Unit will consist of one Common Share and one-half (1/2) of one common share purchase warrant (each whole common share purchase warrant, a “Tranche 2 Warrant”) of the Company. Each Tranche 2 Warrant shall be exercisable to acquire one Warrant Share at a price per Warrant Share of C$2.75 for a period of 12 months from the closing date of the Offering. The Company will apply to list the Tranche 2 Warrants on the TSX Venture Exchange upon completion of the Offering. The Company has granted the Underwriters an option (the “Underwriters’ Option”) to purchase additional Tranche 1 Units and Tranche 2 Units, subject to a maximum of (i) 15% of the Tranche 1 Units issued under the Offering; and (ii) 25% of the Tranche 2 Units issued under the Offering, exercisable in whole or in part at any time up to 48 hours prior to...