Business
Lion Rock Closes $1,070,000 Financing
Vancouver, British Columbia--(Newsfile Corp. - August 23, 2023) - Lion Rock Resources Inc. (TSXV...
About this update from Lion Rock Resources Inc
[{"type":"text","content":"Lion Rock Closes $1,070,000 FinancingVancouver, British Columbia--(Newsfile Corp. - August 23, 2023) - Lion Rock Resources Inc. (TSXV: ROAR), (FSE: KGB1) (the \"Company\") announces that it has closed a non-brokered private placement of 10,700,000 units of the Company (the \"Units\") at a price of $0.10 per Unit for total gross proceeds of $1,070,000 (the \"Offering\"). Each Unit is comprised of one common share in the capital of the Company and one share purchase warrant (a \"Warrant\"), with each Warrant entitling the holder thereof to acquire one additional common share at a price of $0.20 per share. The Warrants are exercisable for two years from the date of issue, provided that after the expiry of all regulatory hold periods on the Warrants, if the common shares of the Company trade on the TSX Venture Exchange at a price of $0.40 or more for five consecutive trading days at any time (the \"Acceleration Event\"), then the Warrants will expire, subject to the Company's discretion, on the earlier of the expiry date and 4:30 p.m. (Vancouver time) on the date that is 30 calendar days after the Company provides notice to the holders of the Warrants that the Acceleration Event has occurred. The proceeds from the Offering will be used for general working capital. The common shares comprising the Units, Warrants, and any common shares issued upon exercise of the Warrants are subject to a hold period and may not be traded until December 24, 2023 except as permitted by applicable securities legislation and the rules and policies of the TSX Venture Exchange.The securities issued pursuant to the Offering have not, nor will they be registered under the United States Securities Act of 1933, as amended, and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons in the absence of U.S. registration or an applicable exemption from the U.S. registration requirements. This news release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in the United States or in any other jurisdiction in which such offer, solicitation or sale would be unlawful.About Lion Rock Resources Inc. Lion Rock is a Canadian exploration company focused on advancing its critical mineral projects in prime jurisdictions. The Company's diverse portfolio i...