Lion Energy Ltd To Acquire Remaining Shares in KRX Energy Pte Ltd

Lion Energy Ltd (LION) announced that has entered into a non-binding terms sheet with KRX Energy Pte Ltd (KRX) and each of the other shareholders of KRX (KRX Shareholders) to acquire all of the issued capital in KRX (KRX Shares), other than those shares already owned by the Company (Terms Sheet). LION is has 30.77% shareholder of KRX as a result of its AUD 1 million funding commitment in KRX by way of subscriptions for KRX Shares. Under the Terms Sheet, LION will acquire all remaining KRX Shares in consideration for the issue of 75,000,300 fully paid ordinary shares (Shares) in the capital of LION. The KRX Shareholders hold an aggregate interest in 23,270,985 fully paid ordinary shares in the capital of LION (Shares), representing a 20.13% interest (on an undiluted basis) in the LION. Upon completion of the Proposed Transaction (which is subject to the satisfaction of a number of conditions precedent, including Shareholder approval), the aggregate interest of the KRX Shareholders in the LION will increase to a maximum of 45.58% (on an undiluted basis), based on a minimum capital raising of AUD 1 million.