Lions Bay Capital Inc. Provides an Update on Sale of Investments
Vancouver, British Columbia--(Newsfile Corp. - November 25, 2021) - Lions Bay Capital Inc. (TSXV: LBI) ("Lions Bay" or the "Company") announces that it has sold 106,904 common shares of Li-Metal Corp. (CSE: LIM) for gross proceeds of approximately $851K. The proceeds will be used for working capital purposes including:
- further assessment of the Company's optioned mineral tenements held by Savic Pty Ltd. ("Savic") in Western Victoria, Australia;
- further support of the Company's loan and option agreement with Salamander Mining International Ltd in South Africa;
- exercising 6,900,000 warrants in Fidelity Minerals Corp. ("Fidelity") (TSXV: FMN) at a cost of $358,000. Subsequent to the warrant exercise the Company will own 32,211,812 common shares of Fidelity or 46.74% of Fidelity.
The executive chairman of Lions Bay, Mr. John Byrne, commented: "The value of the Company's investment book continues to grow on an annual basis and while there will be short term fluctuations we are targeting steady appreciation as the early stage investments mature. In addition, we look forward to receiving our first assay results from our rate earth exploration on the Savic mineral tenements in the near future."
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.
Tel: +61 3 9236 2800
For more information, please visit the corporate website at www.lionsbaycapital.com or contact the above.
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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.
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