Lions Bay Provides Update on Progress to Acquire the Balance of Consolidated Potash Corporation

Lions Bay Capital Inc. (TSXV:LBI) (“Lions Bay”) Further to its May 4, 2018 news release Lions Bay is pleased to provide the following update regarding Consolidated Potash Corporation (CPC):

• Lions Bay has received acceptances from CPC shareholders representing approximately 99.94% of the CPC shares offered for and expects to complete the acquisition before the end of the calendar year.
• CPC continues to make progress in growing the prospective project pipeline and commercialising the aMESTM technology.
• CPC is exploring pre-IPO capital raising options ahead of the planned IPO in the first half of 2019.
• Lions Bay is finalising the approvals required from the TSX Venture Exchange for the transaction and is providing certain information to the Exchange in order to achieve this. A detailed update on the Transaction will be made once this process is complete.

Business Development of Consolidated Potash Corporation

CPC has been actively evaluating a number of prospective project opportunities where the company believes there is a reasonable prospect of the aMESTM technology to create substantial value, by improving overall project financial performance. The majority of prospective potash and lithium brine projects that have been evaluated are located in Australia, Europe, North America and South America.

Based on the recently performed preliminary project evaluations, CPC remains optimistic the aMESTM technology has the potential to substantially improve brine hosted mineral processing applications. Investigations to date have identified opportunities where the aMESTM technology may be able to allow certain projects to substantially reduce or potentially eliminate the need for fresh water bore fields as well as evaporation ponds.

The anticipated capex savings address critical industry challenges facing greenfield project development and together with improved mineral processing efficiencies, provide a strong platform for commercialising the aMESTM technology.

CPC has recently identified a highly prospective North American potash and lithium project where the aMESTM technology is particularly well suited to an integrated and accelerated development schedule, should mineral resource definition studies progress satisfactorily. CPC has agreed to a conditional earn-in agreement where CPC has a visible pathway to acquiring a 100% interest in the project, which covers the core area of a significant regional playa.

Commercialisation

CPC and its strategic research partner, Victoria University’s Institute of Sustainable Industries & Liveable Cities, have recently completed constructing and commissioning a scaled-up aMESTM pilot plant. Successfully commissioning the pilot plant is an important step in scaling-up the aMESTM technology towards commercial applications.

Current testing of the aMESTM pilot plant is focused on processing various brine and salt samples sourced from the Karinga Lakes project, with the objective of producing sulphate of potash. CPC has recently commenced the preparation of a scoping study to evaluate the potential of developing the Karinga Lakes potash project with the aMESTM technology.

IPO Timeline & Pre-IPO Funding

Leading up to the planned initial public offering (IPO) of CPC in the first half of calendar year 2019, CPC is exploring pre-IPO funding opportunities with strategic partners that may be able to assist CPC achieve its corporate objectives, most notably the commercialisation of the aMESTM technology. Lions Bay remains optimistic about the future of CPC and believes the planned acquisition of the North American potash lithium project will further bolster the value of CPC. Lions Bay looks forward to providing further updates on the progress of CPC, in the near future.

About Lions Bay Capital Inc.

Lions Bay Capital Inc. is a TSXV-listed Investment Issuer that is focused on high return investment opportunities, principally in the mining, clean energy and clean technology sectors, where it will provide public and private companies early-stage financial support by way of equity or debt.

On behalf of the Board of Lions Bay.

John Byrne
Director Director
Tel: +613 9236 2800
Email: jbyrne@lionsbaycapital.com

Bahay Ozcakmak
Tel: +613 9236 2800
Email: bahay@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.

Cautionary Statement Regarding Forward-Looking Information

This press release contains “forward-looking statements” or “forward-looking information” (collectively referred to herein as “forward-looking statements”) within the meaning of applicable securities legislation. Such forward-looking statements include, without limitation, forecasts, estimates, expectations and objectives for future operations that are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the Company. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words “will”, “plan”, “intends”, “may”, “will”, “could”, “expects”, “anticipates” and similar expressions. Further disclosure of the risks and uncertainties facing Lions Bay and other forward-looking statements are discussed in Lions Bay’s Management’s Discussion and Analysis which is available under the Company’s profile on www.sedar.com.

Forward-looking statements are based on assumptions made by and information currently available to the Company. Although management considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect. By their very nature, forward-looking statements involve inherent risks and uncertainties and readers are cautioned not to place undue reliance on these statements as a number of factors could cause actual results to differ materially from the beliefs, plans, objectives, expectations, estimates and intentions expressed in such forward-looking statements. These factors include, for the Company and the companies it is invested in, but are not limited to, commodity prices, fluctuations in revenues and expenses, need for additional funding, availability of such additional funding and that funding will be on acceptable terms, retention of key employees, economic conditions, currency fluctuations, competition and regulations, legal proceedings and risks related to operations in foreign countries.

The forward-looking statements in this press release are made as of the date they are given and, except as required by applicable securities laws, the Company disclaims any intention or obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

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