Lomiko Metals Inc. (TSX.V: LMR) (“Lomiko Metals” or the
“Company”) announces that subject to the approval of the TSX
Venture Exchange (the “Exchange”), it has closed its non-brokered
private placement (the “Private Placement”) issuing 18,440,870
flow-through units (the “FT Units”) at a price of $0.115 per FT
Unit for aggregate gross proceeds of $2,120,700.05.
Each FT Unit consists of one flow-through common share (a
“Share”) and one-half (1/2) common share purchase warrant (a
“Warrant”) with each whole Warrant exercisable at a price of $0.18
per share for a period of two years.
Subject to regulatory approval, the Company will pay cash
finder’s fees of $162,285.00 and issue 1,411,174 finder warrants
(the “Finder’s Warrants”) to three parties. The Finder’s Warrants
are non-transferable and exercisable at a price of $0.18 per share
for a period of two years.
Pursuant to applicable Canadian securities laws, all securities
issued pursuant to this private placement are subject to a hold
period of four months and one day expiring on April 23, 2022. The
private placement remains subject to the final approval of the TSX
Venture Exchange.
An insider of the Company subscribed for 434,783 FT Units. As
such, his participation constitutes a “related party transaction”
as defined under Multilateral Instrument 61-101 Protection of
Minority Security Holders in Special Transactions (“MI 61-101”).
Such participation is exempt from the formal valuation and minority
shareholder approval requirements of MI 61-101 as neither the fair
market value of the FT Units acquired by the insiders nor the
consideration for the FT Units paid by such insiders, exceed 25% of
the Company’s market capitalization. The Company did not file a
material change report 21 days prior to the closing date of the
first tranche of the Offering as details of the respective
participation of such insiders in the Offering was unknown at such
time.
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 Tax Act on the Company’s La
Loutre and Bourier Properties which will be incurred on or before
December 31, 2022.
Belinda Labatte, CEO commented: “We are pleased to close out
2021 with a flow-through financing to support the exploration
program slated to begin early in 2022. We are looking forward to
further development of our wholly-owned La Loutre graphite project
as we undertake infill and extension drilling program along the
strike of the known zones to further increase the quality of, and
knowledge of the total resource. At Bourier, we intend to follow up
on the work completed in late summer with Critical Elements Lithium
Corp using GoldSpot’s AI proprietary technology. Anticipated works
will center around surface sampling and mapping to further define
lithium outcrops with a goal of generating drill targets which
would be followed up on with drilling later in the year as we see
this asset as a highly prospective greenfields development.”
About Lomiko Metals Inc.
Lomiko Metals has a new vision and a new strategy in new energy.
Lomiko represents a company with purpose: a people-first company
where we can manifest a world of abundant renewable energy with
Canadian and Quebec critical minerals for a solution in North
America. Our goal is to create a new energy future in Canada where
we will grow the critical minerals workforce, become a valued
partner and neighbour with the communities in which we operate, and
provide a secure and responsibly sourced supply of critical
minerals.
The Company holds a 100% interest in its La Loutre graphite
development in southern Quebec. The 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 1 large, continuous block with 48 minerals
claims totaling 2,867 hectares (28.7km2). Lomiko Metals published a
Preliminary Economic Assessment (“PEA”) on September 10, 2021 which
indicated the project had a 15 year mine life producing per year
100,000 tonnes of the graphite concentrate at 95%Cg or a total of
1.5Mt of the graphite concentrate. This report was prepared as
National Instrument 43-101 Technical Report for Lomiko Metals Inc.
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 south-east of
the Eeyou Istchee James Bay territory in Quebec which consists of
203 claims, for a total ground position of 10,252.20 hectares
(102.52 km2), in Canada’s lithium triangle near the James Bay
region of Quebec that has historically housed lithium deposits and
mineralization trends.
Mr. 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.
For more information on Lomiko Metals, review the website at
www.lomiko.com, contact Belinda Labatte at 647-402-8379 or
email: info@lomiko.com.
Cautionary Note Regarding Forward-Looking Information
This news release contains "forward-looking information" within
the meaning of the applicable Canadian securities legislation that
is based on expectations, estimates, projections and
interpretations as at the date of this news release. The
information in this news release about the Company; and any other
information herein that is not a historical fact may be
"forward-looking information" (“FLI”). All statements, other than
statements of historical fact, are FLI and can be identified by the
use of statements that include words such as "anticipates",
"plans", "continues", "estimates", "expects", "may", "will",
"projects", "predicts", “proposes”, "potential", "target",
"implement", “scheduled”, "intends", "could", "might", "should",
"believe" and similar words or expressions. FLI in this new release
includes, but is not limited to: the Company’s objective to become
a responsible supplier of critical minerals, exploration of the
Company’s projects, including expected costs of exploration and
timing to achieve certain milestones, including timing for
completion of exploration programs; the Company’s ability to
successfully fund, or remain fully funded for the implementation of
its business strategy and for exploration of any of its projects
(including from the capital markets); any anticipated impacts of
COVID-19 on the Company’s business objectives or projects, the
Company's financial position or operations, and the expected timing
of announcements in this regard. FLI involves known and unknown
risks, assumptions and other factors that may cause actual results
or performance to differ materially. This FLI reflects the
Company’s current views about future events, and while considered
reasonable by the Company at this time, are inherently subject to
significant uncertainties and contingencies. Accordingly, there can
be no certainty that they will accurately reflect actual results.
Assumptions upon which such FLI is based include, without
limitation: current market for critical minerals; current
technological trends; the business relationship between the Company
and its business partners; ability to implement its business
strategy and to fund, explore, advance and develop each of its
projects, including results therefrom and timing thereof; the
ability to operate in a safe and effective manner; uncertainties
related to receiving and maintaining exploration, environmental and
other permits or approvals in Quebec; any unforeseen impacts of
COVID-19; impact of increasing competition in the mineral
exploration business, including the Company’s competitive position
in the industry; general economic conditions, including in relation
to currency controls and interest rate fluctuations.
The FLI contained in this news release are expressly qualified
in their entirety by this cautionary statement, the
“Forward-Looking Statements” section contained in the Company’s
most recent management’s discussion and analysis (MD&A), which
is available on SEDAR at www.sedar.com, and on the investor
presentation on its website. All FLI in this news release are made
as of the date of this news release. There can be no assurance that
such statements will prove to be accurate, as actual results and
future events could differ materially from those anticipated in
such statements. Accordingly, readers should not place undue
reliance on forward-looking information. The Company does not
undertake to update or revise any such forward-looking statements
or forward-looking information contained herein to reflect new
events or circumstances, except as may be required by applicable
securities laws.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this news release. No stock exchange, securities
commission or other regulatory authority has approved or
disapproved the information contained herein.
On behalf of the Board, Belinda Labatte CEO and Director, Lomiko
Metals Inc.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20211222005584/en/
Belinda Labatte 647-402-8379 info@lomiko.com
Lomiko Metals (TSXV:LMR)
Historical Stock Chart
From Apr 2024 to May 2024
Lomiko Metals (TSXV:LMR)
Historical Stock Chart
From May 2023 to May 2024