0001062993-24-004106.txt : 20240222 0001062993-24-004106.hdr.sgml : 20240222 20240222172004 ACCESSION NUMBER: 0001062993-24-004106 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 20 CONFORMED PERIOD OF REPORT: 20240216 ITEM INFORMATION: Unregistered Sales of Equity Securities ITEM INFORMATION: Other Events ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20240222 DATE AS OF CHANGE: 20240222 FILER: COMPANY DATA: COMPANY CONFORMED NAME: LION COPPER & GOLD CORP. CENTRAL INDEX KEY: 0001339688 STANDARD INDUSTRIAL CLASSIFICATION: METAL MINING [1000] ORGANIZATION NAME: 01 Energy & Transportation IRS NUMBER: 000000000 STATE OF INCORPORATION: A1 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-55139 FILM NUMBER: 24666172 BUSINESS ADDRESS: STREET 1: C/O #1200-750 WEST PENDER STREET CITY: VANCOUVER STATE: A1 ZIP: V6C 2T8 BUSINESS PHONE: 778-898-0057 MAIL ADDRESS: STREET 1: C/O #1200-750 WEST PENDER STREET CITY: VANCOUVER STATE: A1 ZIP: V6C 2T8 FORMER COMPANY: FORMER CONFORMED NAME: QUATERRA RESOURCES INC DATE OF NAME CHANGE: 20050923 8-K 1 form8k.htm FORM 8-K Lion Copper and Gold Corp.: Form 8-K - Filed by newsfilecorp.com

false 2024-02-16 0001339688 Lion Copper and Gold Corp. 0001339688 2024-02-16 2024-02-16

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
___________________________

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): February 16, 2024

LION COPPER AND GOLD CORP.
(Exact name of registrant as specified in its charter)

British Columbia 000-55139 98-1664106
(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)

143 S Nevada St.
Yerington, Nevada, United States 89447
(Address of principal executive offices) (ZIP Code)

Registrant’s telephone number, including area code: (917) 371-2966

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class   Trading Symbols   Name of each exchange on which registered
N/A        

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b -2 of this chapter).

Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.


Item 3.02 Unregistered Sales of Equity Securities.

On February 16, 2024, the Company issued convertible debentures (the "Debentures") in the aggregate principal amount of US$941,813. The Debentures have a maturity date of 12 months and bear interest at a rate of 20% per annum. The Debentures are convertible into common shares of the Company at a price of US$0.06 (C$0.08) per share, or at the holder's option, may instead be converted in-kind for common shares of Falcon Butte Minerals Corp. held by the Company, at a conversion price of US$0.25 (C$0.32) per Falcon Butte share. Holders of the debentures also received an aggregate of 15,696,883 share purchase warrants (the "Warrants") each entitling the holder to receive one common share of the Company at an exercise price of US$0.06 (C$0.08) for a period of 12 months.

The Debentures and Warrants were issued to eleven accredited investors in private transactions pursuant to Rule 506(b) of Regulation D under the United States Securities Act of 1933, as amended. 

Item 8.01. Other Events.

The Company's press releases announcing the offer and sale of the Debentures, are attached as Exhibits 99.1 and 99.2 to this Form 8-K. The press releases are being furnished with this Form 8-K and are not considered filed.

Item 9.01 Financial Statements and Exhibits.

99.1 News release dated February 15, 2024
99.2 News release dated February 21, 2024
104 Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

       Lion Copper and Gold Corp.
Date: February 22, 2024   (Registrant)
       
       
       
      /s/ Charles Travis Naugle
      Charles Travis Naugle, Chief Executive Officer


EX-99.1 2 exhibit99-1.htm EXHIBIT 99.1 Lion Copper and Gold Corp.: Exhibit 99.1 - Filed by newsfilecorp.com

LION COPPER AND GOLD CORP. ANNOUNCES PROPOSED REFINANCE

OF CONVERTIBLE DEBENTURES

February 15, 2024, Vancouver, British Columbia - Lion Copper and Gold Corp. ("Lion CG" or the "Company") (TSX-V: LEO) (OTCQB: LCGMF) announces that it proposes to complete a debt restructuring transaction pursuant to which it is offering to holders of its convertible debentures (the "Existing Debentures") that are due in 2024 the option to replace the Debentures (plus accrued interest) (the "Replacement Offer") as described below with new convertible debentures (the "New Debentures") or for shares ("Shares for Debt Settlement").

In June and July of 2022, the Company issued 14% unsecured Existing Debentures with an aggregate principal amount of USD$2,000,000 (the "2022 Existing Debentures") and 29,850,738 detached warrants with the 2022 Existing Debentures. In March of 2023, the Company issued 14% unsecured Existing Debentures with an aggregate principal amount of USD$1,306,172 (the "2023 Existing Debentures") and 18,461,015 detached warrants with the 2023 Existing Debentures. The Existing Debentures were originally issued with a maturity date of 20 months from the date of issuance, and the detached warrants expire on the maturity date.

Replacement Offer

Pursuant to the Replacement Offer, an aggregate of up to US$3,950,113 in principal amount of senior unsecured New Debentures plus accompanying detached warrants ("Warrants") would be issued to replace the Existing Debentures that elect to participate in the Replacement Offer. The New Debentures will have, a maturity date of 12 months; bear interest at a rate of 20% per annum, non-compounding, and accrued interest on may be converted into common shares of the Company at a conversion price equal to the Market Price (as defined in TSX Venture Exchange policies) as at the conversion date; may be converted into common shares of the Company at a conversion price of US$0.06 (C$0.08) per share, or at the holder's option into common shares the Company owns of Falcon Butte at US$0.25 (C$0.32) per share; and one Warrant will be issued for every US$0.06 of principal New Debentures issued. Each Warrant is exercisable into one common share of the Company at an exercise price of US$0.06 (C$0.08) for a period of 12 months from the date of issuance.

Insiders of the Company hold US$2,378,095 of principal and interest of Existing Debentures which are eligible to participate in Replacement Offer.

Shares for Debt Settlement

Existing Debentures that elect not to participate in the Replacement Offer may instead convert the principal and interest of their Existing Debentures into units ("Units") of the Company at US$0.045 (C$0.06) per Unit. Each Unit will be comprised of one common share and one share purchase warrant. Each warrant is exercisable into one additional common share at a price of US$0.06 (C$0.08) per share for a period of 5 years from the date of issuance. TSXV policies do not permit warrants to be issued to insiders on a securities for debt settlement.


The Replacement Offer and the Shares for Debt Settlement are subject to TSX Venture Exchange approval. The securities to be issued in connection with the Replacement Offer and the Shares for Debt Settlement are subject to a statutory four-month hold period, in accordance with applicable securities laws.

On behalf of the Board of Directors,

Stephen Goodman

President

For more information please contact:

Email: info@lioncg.com

Website: www.lioncg.com

Neither 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 release.

Certain information in this news release constitutes forward-looking statements under applicable securities laws. Any statements that are contained in this news release that are not statements of historical fact may be deemed to be forward-looking statements. Forward-looking statements are often identified by terms such as "may", "will", or the negative of these terms and similar expressions. Forward-looking statements in this news release include, but are not limited to, statements with respect to the amendments to the terms of the Replacement Offer and the Shares of Debt Settlement. Forward-looking statements necessarily involve known and unknown risks, including, without limitation, general economic conditions; adverse industry events; marketing costs; loss of markets; future legislative and regulatory developments; inability to access sufficient capital from internal and external sources, and/or inability to access sufficient capital on favorable terms; the ability of Lion CG to implement its business strategies; competition; currency and interest rate fluctuations and other risks.

The securities referenced in this news release have not been, and will not be, registered under the U.S. Securities Act, or any U.S. state securities laws, and may not be offered or sold in the United States without registration under the U.S. Securities Act and all applicable state securities laws or compliance with the requirements of an applicable exemption therefrom. This press release shall not constitute an offer to sell or the solicitation of an offer to buy securities in the United States, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.


EX-99.2 3 exhibit99-2.htm EXHIBIT 99.2 Lion Copper and Gold Corp.: Exhibit 99.2 - Filed by newsfilecorp.com

LION COPPER AND GOLD CORP. COMPLETES RESTRUCTURING

OF CONVERTIBLE DEBENTURES

February 21, 2024, Vancouver, British Columbia - Lion Copper and Gold Corp. ("Lion CG" or the "Company") (TSX-V: LEO) (OTCQB: LCGMF) announces that it has issued convertible debentures (the "Debentures") in the aggregate principal amount of US$941,813 to replace previously issued convertible debentures that were maturing (the "Original Debentures"), as announced in the Company's news release of February 15, 2024.  The Debentures have a maturity date of 12 months and bear interest at a rate of 20% per annum. The Debentures are convertible into common shares of the Company at a price of US$0.06 (C$0.08) per share, or at the holder's option, may instead be converted in-kind for common shares of Falcon Butte Minerals Corp. held by the Company, at a conversion price of US$0.25 (C$0.32) per Falcon Butte share. Holders of the debentures also received an aggregate of 15,696,883 share purchase warrants each entitling the holder to receive one common share of the Company at an exercise price of US$0.06 (C$0.08) for a period of 12 months.

In addition, a total of US$259,000 of principal amount of the Original Debentures were converted into 3,500,000 common shares.  The Company has received commitments from a number of the holders of the remaining Original Debentures to complete a securities for debt transaction (see February 15, 2024 news release), which is anticipated to complete within the next week.

Pursuant to the requirements of Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions (the "Instrument"), the Company advises that participation by officers and directors of the Company for a total of US$373,033 in the Debenture restructuring constituted a "related party transaction" as defined under the Instrument. The Company relied on the exemptions under section 5.5(a) and section 5.7(1)(a) from the formal valuation and minority shareholder approval requirements of the Instrument, as the fair market value of the securities issued to the related parties did not exceed 25% of the Company's market capitalization. The Company did not file a material change report 21 days prior to the issuance of the Debenture restructuring because the details of restructuring and participation had not been confirmed at that time.

The Debentures and related warrants are subject to a statutory four-month hold period, expiring on June 17, 2024, in accordance with applicable Canadian securities laws. The securities will also be subject to restrictions under U.S. securities laws, which generally restrict any resales for a period of six months for non-affiliates.

On behalf of the Board of Directors,

Stephen Goodman

President


For more information please contact:

Email: info@lioncg.com

Website: www.lioncg.com

Neither 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 release.

Certain information in this news release constitutes forward-looking statements under applicable securities laws. Any statements that are contained in this news release that are not statements of historical fact may be deemed to be forward-looking statements. Forward-looking statements are often identified by terms such as "may", "will", or the negative of these terms and similar expressions. Forward-looking statements necessarily involve known and unknown risks, including, without limitation, general economic conditions; adverse industry events; marketing costs; loss of markets; future legislative and regulatory developments; inability to access sufficient capital from internal and external sources, and/or inability to access sufficient capital on favorable terms; the ability of Lion CG to implement its business strategies; competition; currency and interest rate fluctuations and other risks.

The securities referenced in this news release have not been, and will not be, registered under the U.S. Securities Act, or any U.S. state securities laws, and may not be offered or sold in the United States without registration under the U.S. Securities Act and all applicable state securities laws or compliance with the requirements of an applicable exemption therefrom. This press release shall not constitute an offer to sell or the solicitation of an offer to buy securities in the United States, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.


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Document and Entity Information Document
Feb. 16, 2024
Document Information [Line Items]  
Document Type 8-K
Document Creation Date Feb. 16, 2024
Document Period End Date Feb. 16, 2024
Amendment Flag false
Entity Registrant Name Lion Copper and Gold Corp.
Entity Address, Address Line One 143 S Nevada St.
Entity Address, City or Town Yerington
Entity Address, State or Province NV
Entity Address, Country US
Entity Address, Postal Zip Code 89447
Entity Incorporation, State Country Name A1
City Area Code 917
Local Phone Number 371-2966
Entity File Number 000-55139
Entity Central Index Key 0001339688
Entity Emerging Growth Company true
Entity Tax Identification Number 98-1664106
Entity Ex Transition Period false
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
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