Lithium ION Energy Ltd V.ION

ION Energy Ltd. Announces $3.0 Million Bought Deal Financing

[PowerofNow]

TORONTO, March 16, 2021 (GLOBE NEWSWIRE) -- ION Energy Ltd. (TSXV: ION) (OTCQB: IONGF) (FRA: 5YB) (“ION” or the “Company”) announced today that it has entered into an agreement with PI Financial Corp. (“PI”), as lead underwriter on its own behalf and on behalf of a syndicate of underwriters (together with PI, the “Underwriters”), pursuant to which the Underwriters have agreed to purchase, on a bought deal basis, 6,000,000 units of ION (the “Units”) at a price of $0.50 per Unit (the “Issue Price”) for gross proceeds of $3,000,000. Each Unit shall consist of one common share (“Common Share”) and one transferrable common share purchase warrant (the “Warrant”). Each Warrant shall be exercisable into one additional Common Share of the Company at an exercise price of $0.70 per Common Share for thirty six (36) months from closing. ION intends to use the net proceeds of the offering to fund exploration at the Company’s lithium brine projects and for working capital and general corporate purposes. The Units will be offered by way of a short-form prospectus in each of the provinces of Canada (other than Quebec). The Company has also granted the Underwriters an option to offer up to an additional 15% of the number of Units sold under the offering (the “Underwriters’ Option”) to cover over-allotments, if any, and for market stabilization purposes. The Underwriters’ Option may be exercised for Units, Common Shares, Warrants or any combination thereof and may be exercised in whole or in part by written notice to the Company within 30 days following the closing of the Offering.