Total
0
Shares
Lion Energy (ASX:LIO) - Executive Chairman, Tom Soulsby
Executive Chairman, Tom Soulsby
Source: Tom Soulsby/LinkedIn
Market Herald logo

Subscribe

Be the first with the news that moves the market
  • Lion Energy (LIO) receives firm commitments to undertake a $9.6 million capital raising
  • The capital raising will be undertaken in three phases with phases one and two set to raise a combined $9.47 million
  • Subject to shareholder approval, the third phase will be undertaken by Executive Chairman Tom Soulsby and Executive Director Damien Servant to raise $125,000
  • Lion will use the money from all three phases to explore business opportunities in green hydrogen in Australia and as working capital
  • Lion is down 4.12 per cent on the market with shares trading at 9.3 cents

Lion Energy (LIO) has received firm commitments to undertake a $9.6 million capital raising.

The company entered a trading halt on November 15 but did not disclose how much it intended to raise it what it would use the funds for.

The capital raising will be undertaken in three phases, with phase one to issue 76.25 million shares priced at 8 cents to raise $6.1 million.

The second phase has been committed via convertible notes from existing and new shareholders to raise $3.37 million.

Participants in both phases will receive one free option for every two subscribed for, exercisable at 12 cents with an expiry 30 months from issue.

Subject to shareholder approval, the third phase will be undertaken by Executive Chairman Tom Soulsby and Executive Director Damien Servant to raise $125,000.

Lion will use the money from all three phases to explore business opportunities in green hydrogen in Australia and as working capital.

“We are pleased to work with the team at Peak again to support Lion’s potential foray in the green hydrogen business in Australia,” Mr Soulsby said.

“We will outline more details of our Australian hydrogen strategy to investors shortly.”

Lion was down 4.12 per cent on the market with shares trading at 9.3 cents at 3:05 pm AEDT.

LIO by the numbers
More From The Market Herald

" RocketBoots (ASX:ROC) lists on ASX after $4.25m IPO

Software company RocketBoots (ROC) has debuted on the ASX today after raising $4.25 million through an initial public offer (IPO).

" Gladiator Resources (ASX:GLA) begins exploration at Minjingu

Zeus Resources, a wholly-owned subsidiary of Gladiator Resources’ (GLA), has begun exploration activities at the Minjingu Uranium Project.
Mineral Commodities (ASX:MRC) - CEO, Jacob Deysel

" Mineral Commodities (ASX:MRC) updates MRE at Tormin Inland Strands

Mineral Commodities (MRC) has updated the mineral resource estimate (MRE) for the Western Strandline at the Tormin Inland Strands deposit in South Africa.

" IODM (ASX:IOD) secures new revenue opportunity from WUBS partnership

Software solution company, IODM (IOD) has received a new revenue opportunity from its existing partnership with Western Union Business Solutions (WUBS).