Lion Rock Resources Inc. announced a non-brokered private placement of 10,700,000 units at a price of CAD 0.10 per unit for gross proceeds of CAD 1,070,000 on August 23, 2023. Each unit is comprised of one common share and one share purchase warrant, with each warrant entitling the holder thereof to acquire one additional common share at a price of CAD 0.20 per share. The warrants are exercisable for two years from the date of issue, provided that after the expiry of all regulatory hold periods on the warrants, if the common shares trade on the TSX Venture Exchange at a price of CAD 0.40 or more for five consecutive trading days at any time, then the warrants will expire, subject to the Company?s discretion, on the earlier of the expiry date and 4:30 p.m. on the date that is 30 calendar days after the company provides notice to the holders of the warrants that the acceleration event has occurred. The common shares comprising the units, warrants, and any common shares issued upon exercise of the warrants are subject to a hold period and may not be traded until December 24, 2023, except as permitted by applicable securities legislation and the rules and policies of the TSX Venture Exchange. The transaction included participation from 21 investors including one insider for 2,000,000 units and three pro groups for 500,000 units.

On September 1 2023, the company announced that the transaction has been approved by the TSX Venture Exchange. The company has received CAD 302,408.02 from 3 investors pursuant to Regulation D.