North Vancouver, British Columbia--(Newsfile Corp. - December 6, 2019) - Lion One Metals Limited (TSXV: LIO) (OTCQX: LOMLF) (ASX: LLO) ("Lion One" or the "Company") is pleased to announce that it has closed its previously announced brokered private placement of units (the "Units"), including the exercise of the agents' over-allotment option in full, for gross proceeds of C$11,500,000 (the "Private Placement"). The Private Placement was completed on a best-effort agency basis through Echelon Wealth Partners Inc. and Eight Capital as co-lead agents and joint bookrunners on behalf of a syndicate of agents including Scarsdale Equities LLC and Red Cloud Securities (collectively, the "Agents").

Walter Berukoff, Lion One's Chief Executive Officer, stated "The Company is very pleased with the outcome of the Private Placement, including the exercise in full of the Agents' over-allotment option. The Company is now well capitalized to continue our exploration work on the Navilawa alkaline gold system to expand the Tuvatu project while simultaneously advancing development planning for the Tuvatu project. With drilling ongoing and strong support from the capital markets Lion One is positioned for further success in 2020."

Pursuant to the Private Placement, the Company issued a total of 14,375,000 Units at a price of $0.80 per Unit (the "Issue Price"). Each Unit consists of one common share and one common share purchase warrant (the "Warrants") in the Company. Each Warrant will entitle the holder to purchase one additional common share of the Company at a price of $1.20 at any time until June 6, 2021, subject to an accelerated expiry option whereby the Company can trigger an accelerated 30-day expiry of the Warrants if the closing price of the Company's common shares listed on the TSX Venture Exchange (the "TSX-V") remains equal to or higher than $1.65 for 20 consecutive trading days. On the 20th consecutive trading day above $1.65 (the "Acceleration Trigger Date"), the Warrant expiry date may be accelerated to 30 trading days after the Acceleration Trigger Date by the issuance of a news release announcing such acceleration, within two trading days of the Acceleration Trigger Date.

In consideration for their services, the Agents will receive a cash commission equal to 6.0% of the gross proceeds of the Private Placement (including the Agent's Option) which shall be payable on the closing date of the Private Placement, and that number of broker warrants ("Broker Warrants") equal to 6.0% of the number of Units sold pursuant to the Private Placement (including the Agent's Option).

The net proceeds of the Private Placement will be used to fund the exploration and development of the Company's 100% owned and fully permitted high grade Tuvatu Gold Project, and for working capital purposes. All securities issued under this financing are subject to a hold period expiring on April 7, 2020 in accordance with applicable securities laws and policies of the TSX-V.

About Lion One Metals Limited
Lion One's flagship asset is 100% owned, fully permitted high grade Tuvatu Alkaline Gold Project, located on the island of Viti Levu in Fiji. Lion One envisions a low-cost high-grade underground gold mining operation at Tuvatu coupled with exciting exploration upside inside its tenements covering the entire Navilawa Caldera, an underexplored yet highly prospective 7km diameter alkaline gold system. Lion One's CEO Walter Berukoff leads an experienced team of explorers and mine builders and has owned or operated over 20 mines in 7 countries. As the founder and former CEO of Miramar Mines, Northern Orion, and La Mancha Resources, Walter is credited with building over $3 billion of value for shareholders.

Not for distribution to United States newswire services or for dissemination in the United States. This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available. This news release shall not constitute an offer to sell or the solicitation of an offer to buy in the United States or to, or for the account or benefit of, persons in the United States or U.S. Persons nor shall there by any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

On behalf of the Board of Directors of Lion One Metals Limited
"Walter Berukoff"
Chairman and CEO

For further information, contact Investor Relations
Toll Free (North America) Tel: 1-855-805-1250
Email: info@liononemetals.com
Website: www.liononemetals.com