Lion Rock arranges $3-million private placement

Executive Summary

• Lion Rock Resources arranged a non‑brokered private placement of up to 15 million units at $0.20 per unit, targeting gross proceeds of up to $3 million.
• Each unit consists of one common share and one non‑transferable warrant allowing purchase of an additional share at $0.30 for two years; warrants may accelerate expiration if the TSX‑V share price stays ≥ $0.40 for five consecutive trading days.
• Proceeds will be allocated to property payments, exploration work on the Volney project, and general working capital.

Key Details

• Units offered: Up to 15 million units (each = 1 common share + 1 warrant).
• Price per unit: $0.20 → gross proceeds up to $3 million.
• Warrant terms: Right to purchase one additional common share at $0.30 per share; exercisable for two years from issuance.
• Accelerated expiry clause: If TSX‑V price ≥ $0.40 for five consecutive trading days, warrants may expire earlier (earlier of the 30‑day notice date or 4:30 p.m. Vancouver time).
• Regulatory hold: All securities subject to a hold period of four months and one day from issuance.
• Use of proceeds:
• Property payments on existing holdings.
• Exploration activities at the Volney gold‑lithium project in South Dakota’s Black Hills.
• General working capital for corporate operations.
• Finder’s fees: May be payable per TSX Venture Exchange policies.
• Closing condition: Offering subject to acceptance by the TSX Venture Exchange.

Notable Quotes

(No direct quotes were provided in the release.)