Gold Lion Resources Inc. (“
Gold
Lion” or the “
Company”)
(
CSE: GL)
(FWB: 2BC) is pleased to announce that it has
filed and obtained a receipt for a preliminary short form
prospectus (the “
Prospectus”) with respect to an
offering (the “
Offering”) of units
(“
Units”) at a price of $0.45 per Unit for gross
proceeds of up to $5,000,000. Each Unit will consist of one common
share of the Company (each, a “
Unit Share”) and
one common share purchase warrant (each, a
“
Warrant”) entitling the holder to purchase one
common share of the Company (a “
Warrant Share”) at
a price of $0.60 per Warrant Share for a period of 24 months
following issuance of such Warrant.
The Offering is being conducted on a best
efforts agency basis by Eight Capital (the
“Agent”) in each of the provinces of Canada, other
than Quebec (the “Offering Jurisdictions”).
The Company has granted to the Agent an option
to increase the size of the Offering by up to 15%, exercisable in
whole or in part at any time for a period of 30 days after the
closing date of the Offering.
The net proceeds from the Offering will be used
to advance the exploration for the Company’s Idaho gold projects
(primarily the Robber Gulch Property), as well as for working
capital and general corporate purposes.
The Company has applied to list the Unit Shares
and the Warrant Shares on the Canadian Securities Exchange (the
“CSE”). There is no established trading market for
the Warrants and the Company does not expect a market to develop. A
copy of the Prospectus is available under the Company’s profile at
www.sedar.com.
The securities being offered have not been, nor
will they be, registered under the United States Securities Act of
1933, as amended, and may not be offered or sold in the United
States or to, or for the account or benefit of, U.S. persons absent
registration or an applicable exemption from the registration
requirements. This press 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 any State in which such offer,
solicitation or sale would be unlawful.
Closing of the Offering is expected to occur on
October 16, 2020 and is subject to certain customary conditions
including, but not limited to, receipt of all necessary approvals,
including the approval of the CSE and the issuance of a receipt for
the Company’s final prospectus by each of the securities
commissions of the Offering Jurisdictions.About
Gold Lion Resources Inc.
Gold Lion Resources Inc. is a mineral
exploration company actively involved in the exploration of its
precious metal focused portfolio including the South Orogrande,
Erikson Ridge, Robber Gulch, Cuteye and the Fairview Properties
located in Idaho and British Columbia. For more information please
visit: https://goldlionresources.com/.
ON BEHALF OF THE BOARD OF DIRECTORS
Borzoo ZareCFOT: +1 (778) 888-5315
The CSE and Information Service Provider have
not reviewed and does not accept responsibility for the accuracy or
adequacy of this release.
Forward-looking Information Cautionary
Statement
Certain information contained in this news
release constitutes forward-looking information within the meaning
of Canadian securities laws ("forward-looking statements"). All
statements in this news release, other than statements of
historical fact, which address events, results, outcomes or
developments that Gold Lion expects to occur are forward-looking
statements. Forward-looking statements include statements that are
predictive in nature, depend upon or refer to future events or
conditions, or include words such as "expects", "anticipates",
"plans", "believes", "estimates", "considers", "intends",
"targets", or negative versions thereof and other similar
expressions, or future or conditional verbs such as "may", "will",
"should", "would" and "could". More particularly and without
restriction, this news release contains forward-looking statements
and information about Gold Lion’s intention to complete the
Offering and the timing thereof and statements as to management's
expectations with respect to, among other things, the matters and
activities contemplated in this news release.
By its nature, this information is subject to
inherent risks and uncertainties that may be general or specific
and which give rise to the possibility that expectations,
forecasts, predictions, projections or conclusions will not prove
to be accurate, that assumptions may not be correct and that
objectives, strategic goals and priorities will not be achieved.
Factors that could cause future results or events to differ
materially from current expectations expressed or implied by the
forward-looking statements include receipt of all necessary
regulatory approvals, completion of all conditions to closing of
the Offering, availability of financing to fund Gold Lion’s
exploration and development activities, the ability of the current
exploration program to identify mineral resources, operational
risks in exploration and development for gold, delays or changes in
plans with respect to exploration or development projects or
capital expenditures, uncertainty as to calculation of mineral
resources, changes in commodity and power prices, changes in
interest and currency exchange rates, the ability to attract and
retain qualified personnel, inaccurate geological and metallurgical
assumptions (including with respect to the size, grade and
recoverability of mineral resources), changes in development or
mining plans due to changes in logistical, technical or other
factors, title defects, government approvals and permits, cost
escalation, changes in general economic conditions or conditions in
the financial markets, environmental regulation, operating hazards
and risks, delays, taxation rules, competition, public health
crises such as the COVID-19 pandemic and other uninsurable risks,
liquidity risk, share price volatility, dilution and future sales
of common shares, aboriginal claims and consultation, cybersecurity
threats, climate change, delays and other risks described in Gold
Lion’s documents filed with Canadian securities regulatory
authorities. You can find further information with respect to these
and other risks in Gold Lion’s filings made with Canadian
securities regulatory authorities and available at www.sedar.com.
Other than as specifically required by law, Gold Lion undertakes no
obligation to update any forward-looking statement to reflect
events or circumstances after the date on which such statement is
made, or to reflect the occurrence of unanticipated events, whether
as a result of new information, future events or results
otherwise.
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