10:47:35 EDT Fri 29 Mar 2024
Enter Symbol
or Name
USA
CA



Lomiko Metals Inc (2)
Symbol LMR
Shares Issued 238,101,546
Close 2022-07-25 C$ 0.045
Market Cap C$ 10,714,570
Recent Sedar Documents

Lomiko Metals closes $634,751 FT private placement

2022-07-25 18:16 ET - News Release

Ms. Belinda Labatte reports

LOMIKO CLOSES FLOW-THROUGH PRIVATE PLACEMENT

Lomiko Metals Inc. has received TSX Venture Exchange approval, has closed its private placement and has issued 9,765,400 flow-through units at a price of 6.5 cents per FT unit for aggregate gross proceeds of $634,751.

Each FT unit consists of one common share that will qualify as a flow-through share within the meaning of the Income Tax Act (Canada) and the Taxation Act (Quebec) and one-half of a common share purchase warrant with each whole warrant exercisable at a price of 10 cents per share for a period of two years following closing.

The company has paid cash finders' fees of $31,737.55 and will issue 580,182 non-transferable finders' warrants.

The securities have been issued, having a hold period expiring Nov. 26, 2022.

The company intends to use the gross proceeds of the private placement to incur Canadian exploration expenses and flow-through mining expenditures as defined in the Income Tax Act (Canada) and the Taxation Act (Quebec) on the company's Laurentides regional graphite exploration program and the Bourier lithium property, which will be incurred on or before Dec. 31, 2023, and renounced with an effective date no later than Dec. 31, 2022, to the initial purchasers of FT units in an aggregate amount not less than the gross proceeds from the sale of the FT units.

About Lomiko Metals Inc.

Lomiko Metals has a new vision and a new strategy in new energy. Lomiko Metals represents a company with a purpose: a people-first company where it can manifest a world of abundant renewable energy with Canadian and Quebec critical minerals for a solution in North America. Its goal is to create a new energy future in Canada where it will expand the critical mineral work force, become a valued partner and neighbour with the communities in which it operates, and provide a secure and responsibly sourced supply of critical minerals. Lomiko Metals is Ecologo certified.

The company holds a 100-per-cent interest in La Loutre graphite development in Southern Quebec. La Loutre project site is located within the Kitigan Zibi Anishinabeg (KZA) First Nations territory. The KZA First Nations are part of the Algonquin Nation, and the KZA territory is situated within the Outaouais and Laurentides regions. Located 180 kilometres northwest of Montreal, the property consists of one large, continuous block with 76 mineral claims totalling 4,528 hectares (45.3 square kilometres). Lomiko Metals published a preliminary economic assessment on Sept. 10, 2021, which indicated the project had a 15-year mine life producing per year 100,000 tonnes of the graphite concentrate at 95 per cent graphitic carbon or a total of 1.5 million tonnes of the graphite concentrate. This report was prepared as a National Instrument 43-101 technical report for Lomiko Metals by Ausenco Engineering Canada Inc., Hemmera Envirochem Inc., Moose Mountain Technical Services and Metpro Management Inc., collectively the report authors. The Bourier project site is located near Nemaska lithium and critical elements southeast of the Eeyou Istchee James Bay territory in Quebec, which consist of 203 claims, for a total ground position of 10,252.20 hectares (102.52 square kilometres) in Canada's Lithium Triangle near the James Bay region of Quebec that has historically housed lithium deposits and mineralization trends.

Mike Petrina, project manager, a qualified person under National Instrument 43-101 (Standards of Disclosure for Mineral Projects), has reviewed and approved the technical disclosure in this news release.

We seek Safe Harbor.

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