THE K2 PRINCIPAL FUND L.P. ACQUIRES COMMON SHARES OF Lion Energy Corp.

TORONTO, May 30, 2011 /CNW/ - The K2 Principal Fund L.P. ("K2") announced that it has acquired common shares of Lion Energy Corp. ("LEO"). As a result of the acquisition of such shares, K2 owns 8,650,500 common shares, representing approximately 10.04% of the issued and outstanding common shares of LEO.

The common shares were purchased by K2 in the open market on the TSX Venture Exchange. K2 acquired the securities for investment purposes only and may, depending on market and other conditions, increase or decrease its beneficial ownership, control or direction over, or exercise its current rights to acquire, common shares or other securities of LEO through market transactions, private agreements or otherwise.

SOURCE K2 Principal Fund L.P.

For further information:

Daniel Gosselin
The K2 Principal Fund L.P.
(416)365-2155


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