CSE:GL | FWB: 2BC | OTC: GLIOF

info@goldlionresources.com

NEWS

Gold Lion Files Preliminary Short Form Prospectus in Connection with Unit Offering by Eight Capital

Vancouver, British Columbia / September 28, 2020 – Gold Lion Resources Inc. (“Gold Lion” or the “Company”) (CSE: GL) (FWB: 2BC) is pleased to announce that it has filed and obtained a receipt for a preliminary short form prospectus (the “Prospectus”) with respect to an offering (the “Offering”) of units (“Units”) at a price of $0.45 per Unit for gross proceeds of up to $5,000,000. Each Unit will consist of one common share of the Company (each, a “Unit Share”) and one common share purchase warrant (each, a “Warrant”) entitling the holder to purchase one common share of the Company (a “Warrant Share”) at a price of $0.60 per Warrant Share for a period of 24 months following issuance of such Warrant.

The Offering is being conducted on a best efforts agency basis by Eight Capital (the “Agent”) in each of the provinces of Canada, other than Quebec (the “Offering Jurisdictions”).

The Company has granted to the Agent an option to increase the size of the Offering by up to 15%, exercisable in whole or in part at any time for a period of 30 days after the closing date of the Offering.

The net proceeds from the Offering will be used to advance the exploration for the Company’s Idaho gold projects (primarily the Robber Gulch Property), as well as for working capital and general corporate purposes.

The Company has applied to list the Unit Shares and the Warrant Shares on the Canadian Securities Exchange (the “CSE”). There is no established trading market for the Warrants and the Company does not expect a market to develop. A copy of the Prospectus is available under the Company’s profile at www.sedar.com.

The securities being offered have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States or to, or for the account or benefit of, U.S. persons absent registration or an applicable exemption from the registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any State in which such offer, solicitation or sale would be unlawful.

Closing of the Offering is expected to occur on October 16, 2020 and is subject to certain customary conditions including, but not limited to, receipt of all necessary approvals, including the approval of the CSE and the issuance of a receipt for the Company’s final prospectus by each of the securities commissions of the Offering Jurisdictions.

About Gold Lion Resources Inc.

Gold Lion Resources Inc. is a mineral exploration company actively involved in the exploration of its precious metal focused portfolio including the South Orogrande, Erikson Ridge, Robber Gulch, Cuteye and the Fairview Properties located in Idaho and British Columbia. For more information please visit: https://goldlionresources.com/.

ON BEHALF OF THE BOARD OF DIRECTORS

Borzoo Zare
CFO
T: +1 (778) 888-5315

The CSE and Information Service Provider have not reviewed and does not accept responsibility for the accuracy or adequacy of this release.

Forward-looking Information Cautionary Statement

Except for statements of historic fact, this news release contains certain “forward-looking information” within the meaning of applicable securities law. Forward-looking information is frequently characterized by words such as “plan”, “expect”, “project”, “intend”, “believe”, “anticipate”, “estimate” and other similar words, or statements that certain events or conditions “may” or “will” occur. Forward-looking statements are based on the opinions and estimates at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking statements including, but not limited to delays or uncertainties with regulatory approvals, including that of the CSE. There are uncertainties inherent in forward-looking information, including factors beyond the Company’s control. There are no assurances that the business plans for Gold Lion Resources described in this news release will come into effect on the terms or time frame described herein. The Company undertakes no obligation to update forward-looking information if circumstances or management’s estimates or opinions should change except as required by law. The reader is cautioned not to place undue reliance on forward-looking statements. Additional information identifying risks and uncertainties that could affect financial results is contained in the Company’s filings with Canadian securities regulators, which are available at www.sedar.com.

Subscribe To Our Newsletter

Join our mailing list to receive the latest news and updates about Gold Lion Resources.

Thank you for subscribing.