Lion Rock Arranges $1M Financing

Vancouver, British Columbia–(Newsfile Corp. – March 9, 2023) – Lion Rock Resources Inc. (TSXV: ROAR) (FSE: KGB1) (the “Company“) announces a non-brokered private placement of up to 10,000,000 units of the Company (the “Units“) at a price of $0.10 per Unit for gross proceeds of up to $1,000,000 (the “Offering“). Each Unit will be 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 $0.15 per share. The Warrants are exercisable for one year 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 $0.35 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. Finders’ fees may be payable in whole or in part on the Offering, pursuant to the policies of the TSX Venture Exchange. All securities issued under the Offering will be subject to regulatory hold periods expiring four months from the date of issue.

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.

The Offering is subject to the acceptance of the TSX Venture Exchange.

About Lion Rock Resources Inc.

Lion Rock Resources is northwestern Ontario’s newest gold‐copper explorer. The Company’s flagship property, the Maybrun, is a past‐producing mine (Maybrun gold‐copper deposit) that was placed on care and maintenance in 1974 for several years prior to an exploration program conducted by Opawica Explorations Inc. in 2005. The Maybrun project is located in the Atikwa Lake area of the Kenora Mining Division, approximately 80 kilometres southeast of Kenora, in northwestern Ontario.

On Behalf of the Board

Kevin Bottomley President & Chief Executive Officer
O: 604 681 1568
E: [email protected]

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSXV Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/157773

private placement
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opawica-explorations-inc
opawica explorations inc
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