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 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.
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