TSX.V - LEO
VANCOUVER, Oct. 20 /PRNewswire/ - Lion Energy Corp. (the "Company" or "Lion Energy") (TSX.V - LEO) has agreed to issue an aggregate of 50,000 common shares (the "Shares") to Brian G. Thurston, former President and Chief Executive Officer of the Company, at a deemed price of $0.20 per share, as partial consideration to Mr. Thurston for the termination of his October 1, 2009 executive employment agreement with the Company. Issuance of the Shares to Mr. Thurston is subject to prior acceptance by the regulatory authorities having jurisdiction over the Company's affairs. If, as and when issued, the Shares will be subject to a hold period expiring four months and one day from their date of distribution.
Reference is made to the Company's February 25, 2010 news release in connection with the assignment to Northern Iron Corp. ("NIC") of all of the Company's interests in and to the El Sol iron ore property located in the Red Lake Mining District of Northern Ontario. The Company announces that it has agreed to extend the deadline from January 31, 2011 May 31, 2011 for conversion of the 8.5 million common shares of NIC received by the Company as consideration for El Sol, into at least 8.5 million shares of a company listed or to be listed on the TSX Venture Exchange. If the 8.5 million NIC Shares are not converted by May 31, 2011, then at any time thereafter, the Company may exercise a right of reversion to return all rights, obligations and interests in El Sol back to the Company.
The Company today filed a Form 45-102F1 Notice of Intention to Distribute Securities on SEDAR at href="http://www.sedar.com/">www.sedar.com. The Form discusses the Company's intention to sell up to 1,000,000 common shares of Encanto Potash Corp. (TSXV: EPO). Under applicable re-sale rules, the Company may commence selling the EPO shares at any time starting October 27, 2010.
About the Company: Lion Energy Corp. is a well-financed, Canadian exploration company with a vision to develop a significant presence in the developing oil and gas industry. The Company holds oil and gas interests in four petroleum blocks located in the Republic of Kenya and in Puntland, Somalia. The Company further holds a 20.37% interest in Encanto Potash Corp., a junior potash exploration company and an 18% interest in Sulphur Solutions Inc., an emerging fertilizer company developing state-of-the-art patented technology for the production of micronized sulphur fertilizer.
On behalf of the Board,
LION ENERGY CORP.
John R. Nelson
President and Chief Executive Officer
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS NEWS RELEASE
This release includes certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical facts, that address exploration drilling, exploration activities and events or developments that the Company expects to occur, are forward-looking statements. Forward-looking statements in this news release include statements regarding the Company's intentions or plans, whether of a corporate or exploratory nature. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploration and exploration successes, and continued availability of capital and financing and general economic, political, market or business conditions. These statements are based on a number of assumptions, including, among others, assumptions regarding general business and economic conditions, the timing and receipt of regulatory and governmental approvals for the transactions described herein, the ability of the Company and other parties to satisfy stock exchange and other regulatory requirements in a timely manner, the availability of financing for the Company's proposed transactions and programs on reasonable terms, and the ability of third-party service providers to deliver services in a timely manner. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected on the forward-looking statements. The Company does not assume any obligation to update or revise its forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law or regulatory policies.
SOURCE Lion Energy Corp.