Lions Bay Capital Inc. Arranges Debt Financing

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Vancouver, British Columbia–(Newsfile Corp. – April 22, 2021) – Lions Bay Capital Inc. (TSXV: LBI) (“Lions Bay” or the “Company”) announces that the Company has arranged a subsequent advance of USD $500,000 from Riverfort Global Capital Ltd. on behalf of Riverfort Global Opportunities PCC Ltd. (the “Lender”) on the previously announced secured loan facility (see news release on March 15, 2018) and amended on July 4, 2019. The proceeds of this advance will be used by the Company to participate in the Elementos Ltd. (“Elementos”) private placement, which is a $0.01 unit containing a common share of Elementos and a half a warrant with each full warrant exercisable into an additional common share at $0.015 for until April 30, 2022, and other on market investment purchases.

The Company identified Elementos eighteen months ago as a potential major international tin producer with advanced projects in Spain and Australia. Tin prices have risen significantly over the past year and recent drilling results from the Elementos Oropesa project in Spain have enhanced the project. The Company will take up 45 million units in the new Elementos placement taking its shareholding to 214 million common shares. In addition the Company will hold 22.5 million warrants. The shares closed yesterday at 1.5 cents.

The Company continues to look at other opportunities and make minor adjustments to its portfolio. The Riverfort advance provides additional working capital together with proceeds from recent sales of the Company’s investment portfolio.

The advance has a 12-month term, bears interest at 12% per annum and is subject to an implementation fee of 7%. The advance is secured by a guarantee from the Company and its wholly owned subsidiary, Pan Andean Capital Pty Ltd. (“Pan Andean”) and a pledge by Pan Andean of certain of the investments held by Pan Andean.

As part of the subsequent advance, the Company has issued 2,560,991 warrants exercisable at $0.11 for a period of 12 months to the Lender.

About Lions Bay Capital Inc.

Lions Bay Capital Inc. is a TSX-V listed Investment Issuer that is focused on high return investment opportunities, principally in the mining, clean energy and clean technology sectors, where it provides public and private companies with strategic and financial support.

On behalf of the Board of Lions Bay.

John Byrne
Executive Chairman
Tel: +61 3 9236 2800
Email: jbyrne@lionsbaycapital.com

For more information, please visit the corporate website at www.lionsbaycapital.com or contact the above.

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.

Disclaimer & Forward-Looking Statements: This news release contains forward-looking statements. Forward-looking statements are statements that relate to future events or future financial performance. In some cases, you can identify forward-looking statements by the use of terminology such as “may”, “should”, “intend”, “expect”, “plan”, “anticipate”, “believe”, “estimate”, “project”, “predict”, “potential”, or “continue” or the negative of these terms or other comparable terminology. These statements speak only as of the date of this news release. This news release may also contain inferences to future oriented financial information (“FOFI”) within the meaning of applicable securities laws. The information in this news release has been prepared by our management to provide readers with an outlook for our future activities.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/81510