NORTH VANCOUVER, British Columbia, Sept. 20, 2022 (GLOBE NEWSWIRE) —

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISTRIBUTION IN THE UNITED STATES

Lion One Metals Limited LIO LOMLF LLO (“lion one” or the “company“) is pleased to announce that it has entered into an agreement with Eight Capital and Canaccord Genuity Corp. as Co-Lead Underwriters and Joint Bookrunners (the “insurer’), after which the Underwriters have agreed to sell 16,240,000 units of the Company (the ‘units“) at a price of $0.77 per unit (the “issue price“), for aggregate gross proceeds of $12,504,800 (the “offer“).

Each unit consists of one common share (a “common share“) in the capital of the Company and one-half (1/2) of a common share purchase warrant (each whole common share purchase warrant being a “warranty“) of the Company. Each Warrant may be exercised to acquire one common share (a “option stock“) at a price of C$1.05 per warrant share for a period of 36 months from the closing date of the offering.

If, after the closing of the Offering, the volume weighted average trading price of the Common Shares on the principal stock exchange on which the Shares have been listed for 20 consecutive trading days is equal to or greater than $1.75, the Company may, upon written notice to warrant holders, adjust the expiration date of the warrants to the date which is 30 days after the date of such written notice

In addition, the Company has agreed to grant the underwriters an option (the “Over-Allotment Option“), which may be exercised in whole or in part for a period of 30 days following the closing of the Offering to acquire up to 15% of the number of units sold under the Offering on the same terms as the Offering, to cover over-allotments and for market stabilization.

The net proceeds from the sale of the Units will be used for exploration and development of the Company’s Tuvatu Gold Project and…

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