Lion One Announces Closing of First Tranche of Non-Brokered Private Placement of Convertible Debenture Units and Units for Gross Proceeds of $15.3 Million

About this update from Lion One Metals Limited

Lion One Announces Closing of First Tranche of Non-Brokered Private Placement of Convertible Debenture Units and Units for Gross Proceeds of $15.3 MillionNorth Vancouver, British Columbia--(Newsfile Corp. - June 29, 2026) - Lion One Metals Limited (TSXV: LIO) (OTCQX: LOMLF) ("Lion One" or the "Company") is pleased to announce that it has closed the first tranche of its previously announced non-brokered private placement offering of convertible debenture units of the Company (the "Debenture Units") for total gross proceeds of $12,500,000 (the "Offering") and its non-brokered private placement of units ("Units") for gross proceeds of $2,788,184.75 (the "Private Placement"). Pursuant to the Offering, the Company issued 12,500 Debenture Units at a price of $1,000 per Debenture Unit. Each Debenture Unit consisted of (i) one 10% subordinated secured convertible debenture (a "Convertible Debenture") having a face value of $1,000, convertible at a conversion price of $0.13 per common share of the Company ("Common Shares") into 7,692.3 Common Shares with a maturity date of 4 years from issuance; and (ii) 7,692.3 Common Share purchase warrants (the "Offering Warrants"), each entitling the holder to purchase one Common Share at an exercise price of $0.175 per Common Share for a period of 4 years from issuance. In aggregate 12,500 Convertible Debentures and 96,153,821 Offering Warrants were issued.Pursuant to the Private Placement, the Company issued 21,447,575 Units at a price of $0.13 per Unit. Each Unit consisted of one Common Share and one Common Share purchase warrant (a "Private Placement Warrant"). Each Private Placement Warrant will entitle the holder thereof to acquire one Common Share at an exercise price of $0.175 per Common Share for a period of three years from the date of issuance. The Company intends to use the net proceeds from the Offering and Private Placement to satisfy upcoming payment obligations under the Company's senior secured loan facility (the "Facility") with Nebari Gold Fund I, LP, Nebari Natural Resources Credit Fund I, LP, and Nebari Natural Resources Credit Fund II, LP (collectively, "Nebari") and to cure the Company's ongoing working capital covenant default under the Facility. Any additional proceeds will be used for general corporate and working capital purposes. The Company expects to close the second tranche of the Offering by Jul...

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