TSX.V - LEO
VANCOUVER, March 25 /PRNewswire-FirstCall/ - Lion Energy
Corp. (the "Company" or "Lion Energy") (TSX.V - LEO) announces that
on March 24, 2010 it SEDAR-filed a
report dated January 21, 2010
covering an independent assessment of contingent prospective
resources of the Company's properties located in east Africa. This report, prepared by Gaffney,
Cline & Associates Ltd., technical and management advisors to
the petroleum industry, of Hampshire,
UK, is a redacted version of a full report earlier filed
with the TSX Venture Exchange (the "Exchange"). A copy of the
redacted report is available for viewing at www.sedar.com.
As previously announced in the Company's March 15, 2010 news release, the Exchange gave
its final acceptance of the farm-in agreement between the Company
and Africa Oil Corp., pursuant to which Lion Energy has the right
to earn an interest in five petroleum blocks located in the
Republic of Kenya and in Puntland,
Somalia. On March 19, 2010, the Exchange also gave its final
acceptance of the Company's private placement that conditionally
closed in June, 2009. Acceptance of the private placement by the
Exchange was conditional upon prior acceptance of the farm-in
agreement. Under the terms of the private placement, Lion Energy
issued 10,900,000 units, each unit consisting of one common share
(the "Shares") of the Company and one non-transferable warrant (the
"Warrants"). These Warrants permit the holders to purchase up to a
further 10,900,000 common shares of the Company (the "Warrant
Shares") at a price of $0.50 until
June 20, 2011. All restrictive hold
periods attaching to the Shares, Warrants and Warrant Shares have
now expired. Proceeds from the private placement being $3,270,000, together with interest earned over
the last nine months, will be used by the Company to honour its
commitments under the farm-in agreement. A fee of $163,500 plus a Warrant for the purchase of up to
545,000 Warrant Shares has been issued to Peninsula Merchant
Syndications Corp., the Company's finder in connection with the
private placement.
Mr. Ian Gibbs, a nominee for
election as a director at the Company's annual and special general
meeting scheduled for April 12, 2010,
has agreed to accept a position as Company director effective
April 1, 2010. Mr. Gibbs is a
Canadian chartered accountant and a graduate of the University of Calgary where he obtained a B.Com
degree in 1991. Mr. Gibbs is presently Chief Financial Officer of
the aforementioned Africa Oil Corp., one of the Lundin group of
companies (since October 2006). Mr.
Gibbs began his association with the Lundin group in September 2004, and since that time has held a
variety of prominent positions. Mr. Gibbs is also a director of
Petro Vista Energy Corp., and Fortress Minerals Corp. The Company
is pleased to announce that John R.
Nelson has agreed to act as the Company's Interim Chief
Financial Officer in place of Jeannine
Webb who resigned on February 25,
2010.
About the Company:
The Company is a well-financed, Canadian exploration company
with a vision to develop a significant presence in the developing
oil and gas industry. The Company signed an agreement with Africa
Oil Corp. that grants the Company the right to earn an interest in
five petroleum blocks located in the Republic of Kenya and in Puntland, Somalia. The Company further holds a 27.6%
interest in Encanto Potash Corp., a junior potash exploration
company and a 20% interest in Sulphur Solutions Inc., an emerging
fertilizer company developing state-of-the-art patented technology
for the production of micronized sulphur fertilizer.
On behalf of the Board,
LION ENERGY CORP.
"Brian Thurston"
President and CEO
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES
PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX
VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR
ACCURACY OF THIS NEWS RELEASE
This release includes certain statements that may be deemed
"forward-looking statements". All statements in this release, other
than statements of historical facts, that address exploration
drilling, exploration activities and events or developments that
the Company expects to occur, are forward-looking statements.
Forward-looking statements in this news release include statements
regarding the Company's intentions or plans, whether of a corporate
or exploratory nature. Although the Company believes the
expectations expressed in such forward-looking statements are based
on reasonable assumptions, such statements are not guarantees of
future performance and actual results or developments may differ
materially from those forward-looking statements. Factors that
could cause actual results to differ materially from those in
forward-looking statements include market prices, exploration and
exploration successes, and continued availability of capital and
financing and general economic, political, market or business
conditions. These statements are based on a number of assumptions,
including, among others, assumptions regarding general business and
economic conditions, the timing and receipt of regulatory and
governmental approvals for the transactions described herein, the
ability of the Company and other parties to satisfy stock exchange
and other regulatory requirements in a timely manner, the
availability of financing for the Company's proposed transactions
and programs on reasonable terms, and the ability of third-party
service providers to deliver services in a timely manner. Investors
are cautioned that any such statements are not guarantees of future
performance and actual results or developments may differ
materially from those projected on the forward-looking statements.
The Company does not assume any obligation to update or revise its
forward-looking statements, whether as a result of new information,
future events or otherwise, except as required by applicable law or
regulatory policies.
SOURCE Lion Energy Corp.