NORTH VANCOUVER, BRITISH COLUMBIA–(Globe Newswire – August 21, 2020) –

Lion One Metals Limited (TSX-V: LIO) (OTCQX: LOMLF) (ASX: LLO) (“Lion One” or the “Company“) is pleased to announce, further to its announcements on July 23, 2020 and August 5, 2020, that it has completed a “bought deal” brokered private placement and concurrent non-brokered private placement of an aggregate of (i) 13,529,750 units (the “Tranche 1 Units”) of the Company at a price of C$1.70 per Tranche 1 Unit (the “Tranche 1 Price”) for gross proceeds of C$23,000,575, including the exercise in full of the underwriters’ option with respect to Tranche 1 Units, and (ii) 8,189,821 units (the “Tranche 2 Units” and together with the Tranche 2 Units, the “Units”) of the Company at a price of C$2.05 per Tranche 2 Unit (the “Tranche 2 Price”) for gross proceeds of C$16,789,133, including a partial exercise of the underwriters’ option with respect to Tranche 2 Units, for aggregate gross proceeds of $39,789,708 (the “Offering”).

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