LionOre Mining International Ltd.
TSX : LIM
LSE : LOR
BOTSWANA : LIONORE

LionOre Mining International Ltd.

July 09, 2007 13:47 ET

LionOre Gives Notice to Convertible Noteholders of Change of Control Event

TORONTO, ONTARIO--(Marketwire - July 9, 2007) - LionOre Mining International Ltd. (TSX:LIM)(LSE:LOR)(BSE:LIONORE) ("LionOre") announced that it has given notice to the holders of its US$144 million aggregate principal amount of 3.80% convertible notes due July 29, 2011 that a change of control event has occurred as a result of the acquisition by MMC Norilsk Nickel of control over LionOre. Pursuant to the terms of the convertible notes, the conversion price for the notes has been adjusted from US$6.1329 per share to US$5.5196 per share if the conversion date is on or before July 31, 2007, or US$5.6729 per share if the conversion date is after July 31, 2007 and on or before September 5, 2007. Noteholders who convert their notes at the adjusted conversion price will receive the number of LionOre common shares they would have received prior to the adjustment, plus a cash amount in lieu of any excess shares calculated in accordance with the terms of the convertible notes.

Any holder of convertible notes who wishes to accept the Norilsk Nickel offer must convert their notes in order to obtain share certificates for LionOre common shares that may be deposited in accordance with the terms of the offer.

Holders of convertible notes can obtain further details from the offices of the Paying and Conversion Agents referred to below:



PRINCIPAL PAYING AND PAYING AND CONVERSION
CONVERSION AGENT AGENT
The Bank of New York The Bank of New York (Luxembourg) S.A.
One Canada Square Aerogolf Centre
London 1A Hoehenhof
E15 6AL L1736 Senningberg
United Kingdom Luxembourg

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