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Lion One Receives US$23 Million from 1st Tranche of Nebari Financing Facility and Closes US$2 Million Equity Private Placement
North Vancouver, British Columbia--(Newsfile Corp. - February 10, 2023) - Lion One Metals Limite...
About this update from Lion One Metals Limited
[{"type":"text","content":"Lion One Receives US$23 Million from 1st Tranche of Nebari Financing Facility and Closes US$2 Million Equity Private PlacementNorth Vancouver, British Columbia--(Newsfile Corp. - February 10, 2023) - Lion One Metals Limited (TSXV: LIO) (OTCQX: LOMLF) (ASX: LLO) (\"Lion One\" or the \"Company\") announces the Company has completed its previously announced debt and equity financing transaction and has received total proceeds of US$25 million from: i) the funding of the US$23 million 1st tranche (\"Tranche 1\") of its previously announced US$37 million financing facility (the \"Financing Facility\") provided by Nebari Gold Fund 1, LP, Nebari Natural Resources Credit Fund I, LP and Nebari Natural Resources Credit Fund II, LP (collectively, \"Nebari\"), and (ii) Nebari's completion of a US$2 million equity private placement in the Company, for the development of Lion One's 100% owned Tuvatu Alkaline Gold Project in Fiji (the \"Equity Investment\"). In addition to Tranche 1, an additional US$12 million is available under the Financing Facility at Lion One's option in up to two further tranches which may be drawn on by Lion One within 18 months of the date of the Financing Facility. The Equity Investment involved Nebari's subscription for 3,125,348 common shares of Lion One (\"Common Shares\") priced at CAD$0.86 per Common Share. In connection with the funding of Tranche 1, 15,333,087 warrants (the \"Warrants\") have been issued to Nebari with each Warrant exercisable into one Common Share at a price of CAD$1.49 for a period of 42 months from the date hereof. The Warrants are non-transferable and will be subject to an accelerator provision whereby the Borrower may accelerate the expiry date of up to 25% of the Warrants in the event that the volume weighted average trading price of the Common Shares exceeds 100% over the strike price for a period of twenty consecutive trading days on the TSX-V. Lion One has the option to accelerate the expiry of further 25% portions of the Warrants at four-month intervals, up to a maximum of 75% of the Warrants. The Common Shares subscribed for pursuant to the Equity Investment and the Warrants will be subject to a hold period expiring May 11, 2023 in accordance with Canadian securities laws and policies of the TSX-V. Neither the Common Shares subscribed for pursuant to the Equity Investment nor the War...