VANCOUVER, March 4 /PRNewswire/ - Lion Energy Corp. (the "Company" or "LionEnergy") (TSXV: LEO) wishes to announce that its treasury recently received the sum of $1,700,000 from the private sale of 8.5 million common shares of Northern Iron Corp. ("NIC"), a private company registered in Ontario. No commissions or finders' fees were payable in connection with the transaction.
The NIC shares were originally acquired by the Company in March 20 2010, as consideration for the assignment to NIC of all of the Company's right, title and interest in and to the El Sol property located in the Red Lake Mining District of Northern Ontario. See the Company's February 25 and October 20, 2010 news releases filed on SEDAR.
The Company's investment in iron ore-related assets comes to an end following the disposition of the NIC shares.
About the Company: Lion Energy Corp. is a well-financed, Canadian oil and gas exploration company with interests four petroleum blocks located in the Republic of Kenya and in Puntland, Somalia.