Lion One Announces Private Placement of $2 Million
Toronto, CANADA – Lion One, a Canadian-based gold exploration and mining company, is pleased to announce that it has successfully completed a private placement of $2 million. The private placement was led by a group of reputable investors, with a significant amount coming from a prominent Canadian institutional investor.
The private placement was oversubscribed, with Lion One issuing 4,000,000 units at a price of $0.50 per unit. Each unit consists of one common share and one half-warrant, with each whole-warrant exercisable into one common share at $0.75 per share. The gross proceeds from the private placement will be used to fund the Company’s ongoing exploration and development activities at its La Texto Zinc-Lead-Bismuth-Gold deposit in Guatemala.
"We are thrilled to have secured this private placement, which will provide us with the necessary funding to advance our projects and create value for our shareholders," said Philip Cambridge, CEO of Lion One. "We believe our team has made significant progress at La Texto and we are confident that this financing will enable us to further accelerate our exploration and development plans."
Lion One is a publicly traded company listed on the TSX Venture Exchange (TSX-V: LIO) and the OTCQB (OTCQX: LIOOF). The company’s vision is to become a major gold production company through the development of its high-grade refractory gold project, which has the potential to produce 200,000 ounces of gold per year.
The private placement was completed without a warrant to exercise the warrants, which will continue to be exercisable until the five-year anniversary of the issue date. Lion One’s management and insiders have waived their right to participate in the private placement.
For more information on Lion One, please visit its website at www.lionone.ca.
About Lion One
Lion One is a Canadian-based precious metals exploration and mining company, focused on the development of its high-grade refractory gold project, La Texto, in Guatemala. The company is committed to the highest environmental and social responsibilities, and is dedicated to creating value for its shareholders, employees, and local communities.
