Lignol provides update on share capital and warrants



    VANCOUVER, June 23 /CNW/ - Lignol Energy Corporation (TSX-V: LEC)
("Lignol" or "the Company"), a leading technology company in the cellulosic
ethanol and biorefining sector, provided today an update on its share capital
and warrants. This update is further to the May 22, 2008 announcement of
amendments to certain outstanding warrants.
    In total, 1,187,500 common shares have been issued upon the exercise of
warrants for aggregate cash proceeds of $312,500 and a further
3,516,768 common shares have been issued upon the cashless exercise of
warrants. With the issuance of these common shares, the Company now has
outstanding a total of 46,578,159 common shares.
    Included in the total of 3,516,768 shares issued on the cashless exercise
of warrants are 143,752 common shares that correspond to 201,250 warrants that
were not included in the May 22, 2008 press release but that were also amended
to provide the warrantholder with the option to exercise their warrants on a
cashless basis. Originally, these additional warrants, exercisable up to June
16, 2008, entitled the warrantholder to acquire for $0.40 a unit consisting of
one common share and one "underlying" warrant. The "underlying" warrant
entitled the warrantholder to acquire a common share for $0.50 per share up to
June 16, 2008. Warrantholders that exercised these 201,250 warrants, including
the "underlying" warrant, on a cashless basis received an aggregate total of
0.7143 common shares per warrant. The Company has advised the TSX Venture
Exchange that senior officers of Lignol owned 89,165 of these additional
201,250 warrants.

    About Lignol

    Lignol (TSX-V: LEC) is a Canadian company undertaking the development of
biorefining technologies for the production of fuel-grade ethanol and other
biochemical co-products from non-food cellulosic biomass feedstocks. Lignol's
modified solvent based pre-treatment technology facilitates the rapid,
high-yield conversion of cellulose to ethanol and the production of
value-added biochemical co-products, including a High Purity Lignin
(HP-L(TM)). Lignol is executing on its development plan through strategic
partnerships to further develop and integrate the core technologies on a
commercial scale. Lignol also intends to invest in, or otherwise obtain,
equity interests in energy related projects which have synergies with its
biorefining technology. For more information about Lignol, please visit our
website at www.lignol.ca.

    Caution concerning forward-looking statements:

    Certain statements contained in this document may constitute
"forward-looking statements". When used in this document, the words "may",
"would", "could", "will", "intend", "plan", "anticipate", "believe",
"estimate", "expect", "investigate", "looking at" as they relate to Lignol or
its management, are intended to identify forward-looking statements or
information. Such statements or information reflect Lignol's current views
with respect to future events and are subject to certain risks, uncertainties
and assumptions. Forward-looking statements and information are necessarily
based upon a number of estimates and assumptions that, while considered
reasonable by management, are inherently subject to significant business,
economic and competitive uncertainties and contingencies. Many factors could
cause Lignol's actual results, performance or achievements to be materially
different from any future results, performance or achievements that may be
expressed or implied by such forward-looking statements or information,
including among other things, those risk factors which are discussed elsewhere
in documents that Lignol files from time to time with securities regulatory
authorities. Should one or more of these risks or uncertainties materialize,
or should assumptions underlying the forward-looking statements or information
prove incorrect, actual results may vary materially from those described
herein as intended, planned, anticipated, believed, estimated or expected. The
Company expressly disclaims any intention or obligation to update or revise
any forward looking statements and information whether as a result of new
information, future events or otherwise. All written and oral forward-looking
statements and information attributable to us or persons acting on our behalf
are expressly qualified in their entirety by the foregoing cautionary
statements.

    %SEDAR: 00004360E




For further information:

For further information: Lignol Energy Corporation, Ross MacLachlan,
Chief Executive Officer, Tel: (604) 222-9800 ext. 107, Email: info@lignol.ca;
The Equicom Group, Bruce Wigle, Investor Relations, Tel: (416) 815-0700 ext.
228, Email: bwigle@equicomgroup.com

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Lignol Energy Corporation

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