On December 6, 2019, Lion One Metals Limited completed a private placement with a syndicate of agents co-led by Echelon Wealth Partners Inc. and Eight Capital, and including Scarsdale Equities LLC and Red Cloud Securities. The offering, which was completed on a best-effort agency basis, consisted of the sale of 14,375,000 units at a price of $0.80 per unit for aggregate gross proceeds of $11.5 million, which included the exercise in full of the over-allotment option granted to the agents. Each unit was comprised of one common and one common share purchase warrant, with each warrant entitling the holder to acquire one common share at an exercise price of $1.20 for a period of 18 months following the closing of the offering, subject to adjustment and acceleration.
Cassels acted for the agents with a deal team that included David Gardos and David Singh (Mining and Securities).