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by Mike Caswell

Lomiko Metals Inc. has filed a lawsuit in the Supreme Court of British Columbia against the Bank of Nova Scotia after losing the proceeds of a private placement to fraud. The company says that the money was misdirected after an unknown party compromised the company's e-mail system. Lomiko suspects a portion of the money resides in an account at the Bank of Nova Scotia.

The allegations are contained in a notice of claim that Lomiko filed at the Vancouver courthouse on Feb. 20, 2026. The case arises from a private placement that the company completed on Oct. 20, 2025, when it issued five million shares for proceeds of $500,000. According to the suit, Lomiko delivered the shares to the brokerage and requested that the firm deliver the proceeds.

The problems, as described in the suit, arose with the subsequent wire transfer. According to Lomiko, the proceeds of the financing did not arrive in its bank account as expected. The brokerage then advised Lomiko that an unknown third party had instructed the brokerage to deliver the money to an account that did not belong to Lomiko, the suit states.

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