01:09 PM EDT, 07/26/2024 (MT Newswires) -- Lion One Metals ( LOMLF ) on Friday said it closed a private-placement of share units, raising $10 million.

The company issued 27-million units at $0.37 each. Each unit consists of a share and a three-year warrant to buy a second share for $0.50.

Lion One also completed a second non-brokered private placement of 4.45-million units with the same terms, for $1.65 million.

Proceeds from the financings will be used to develop the Tuvatu Gold project in Fiji, and for general corporate expenses & purposes.

The company's shares were last seen down $0.015 to $0.30 on the TSX Venture Exchange.

Price: 0.30, Change: -0.02, Percent Change: -4.76