Lion One Announces Closing of Second Tranche of Non-Brokered Private Placement of Convertible Debenture Units and Units for Aggregate Gross Proceeds of $17.5 Million

Lion One Metals Limited (TSXV: LIO) (OTCQX: LOMLF) (" Lion One " or the " Company ") is pleased to announce that it has closed the second tranche of its previously announced non-brokered private placement offering of convertible debenture units of the Company (the " Debenture Units ") for gross proceeds of $14 million (the " Offering ") and its upsized non-brokered private placement of units (the " Units ") for gross proceeds of $3.5 million (the " Private Placement ") for aggregate gross proceeds of $17.5 million.

The second tranche closing consisted of 1,500 Debenture Units for incremental gross proceeds of $1.5 million and 5,475,505 Units for incremental gross proceeds of $0.71 million.

Pursuant to the Offering, the Company issued 14,000 Debenture Units at a price of $1,000 per Debenture Unit.

Each Debenture Unit consisted of (i) one 10% subordinated secured convertible debenture (a " Convertible Debenture ") having a face value of $1,000, convertible at a conversion price of $0.13 per Common Share into 7,692.3 Common Shares with a maturity date of 4 years from issuance; and (ii) 7,692.3 Common Share (as defined below) purchase warrants (the " Offering Warrants "), each entitling the holder to purchase one Common Share at an exercise price of $0.175 per Common Share for a period of 4 years from issuance.

Pursuant to the Private Placement, the Company issued 26,923,080 Units at a price of $0.13 per Unit.

Each Unit consisted of one common share of the Company (a " Common Share ") and one Common Share purchase warrant (a " Private Placement Warrant "). Each Private Placement Warrant will entitle the holder thereof to acquire one Common Share at an exercise price of $0.175 per Common Share for a period of three years from the date of issuance.

The Company intends to use the net proceeds from the Offering and Private Placement to satisfy upcoming payment obligations under the Company's senior secure...