Ion Energy closes bought deal offering for $5.75 million, including full exercise of over-allotment option

April 16, 2021

On April 13, 2021, Ion Energy Ltd. (TSXV:ION; OTCQB:IONGF; FRA:5YB) (“ION” or the “Company”), a mineral exploration company engaged in the business of seeking, identifying and, where warranted, exploring lithium assets in Asia, announced the closing of a bought deal public offering (the “Offering”), pursuant to which ION issued 11,500,000 units (the “Units”) at a price of $0.50 per Unit for aggregate gross proceeds of $5.75 million, including the full exercise of the over-allotment option.

Each Unit is comprised of one common share of the Company (a “Common Share”) and one Common Share purchase warrant of the Company (a “Warrant”). Each Warrant entitles the holder thereof to purchase one additional Common Share at an exercise price of $0.70 for a period of 36 months from the date of issuance.

The Offering was conducted by a syndicate of underwriters led by PI Financial Corp. and which included Stifel GMP.

Miller Thomson advised the syndicate of underwriters with a team comprised of Geoff Clarke, Jonathan Tong, Paul Dimerin and Bikaramjit Sandhu (Capital Markets & Securities); and Manjit Singh (Tax).