Lion One Metals to raise C$12.5M in equity offering

Sep. 21, 2022 3:34 AM ETLion One Metals Limited (LOMLF), LIO:CABy: Meghavi Singh, SA News Editor
  • Lion One Metals (OTCQX:LOMLF) has entered into an agreement with Eight Capital and Canaccord Genuity Corp. to purchase, on a "bought deal" basis 16.24M units of the company at a price of C$0.77/unit for total gross proceeds of C$12,504,800.
  • Each unit will consist of one common share in the capital of the company and one-half of one common share purchase warrant of the company.
  • Each warrant shall be exercisable to acquire one common share at a price per warrant share of C$1.05 for a period of 36 months from the closing date of the offering.
  • Underwriters are granted an option for a period of 30 days after the closing of the offering, to purchase up to an additional 15% of the number of units sold pursuant to the offering.
  • Net proceeds from the sale of the units will be used for exploration and development of the company's Tuvatu Gold Project, as well as working capital and general corporate purposes.
  • Closing of the offering is expected to take place on or about September 28, 2022.

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