UPDATE ON SALE
OF LOMIKO TECHNOLOGIES INC. TO
PROMETHIEUS
TECHNOLOGIES INC.
FOR $
1,236,625
(Vancouver,
B.C.) 5th Oct 2021 -- InvestorsHub NewsWire -- Lomiko Metals
Inc. ("Lomiko") (TSX-V: LMR, OTC: LMRMF, FSE: DH8C) Lomiko Metals Inc.
announced
July 31, 2019 that it had entered into an
agreement to sell its 100% interest in Lomiko Technologies Inc. to
Promethieus Technologies Inc. (Canada) for $ 1,236,625 and will be
reimbursed
$152,857 expenses
paid by Lomiko on behalf of Promethieus Technologies Inc. Lomiko
Technologies holding include 18.5% of SHD Smart Home Devices which
has recently been awarded a patent for its IoT HUB Device
June 26, 2021 and 40% of Graphene ESD
Inc.
On
November 25, 2019 Lomiko provided shareholders
with an update to the transaction and on
December 3, 2019, confirmed that shareholders
had overwhelmingly approved the transaction at the November 29,
2019 Annual Special General Meeting.
Promethieus
Extension 2021
Subsequent to
news releases issued by Lomiko on
July 31, 2019,
Dec. 3, 2019, and
Aug. 6, 2020, Lomiko confirmed its has
entered into and extended its sale agreement of Lomiko Technologies
to Promethieus Technologies as of October 4, 2021 to November 30,
2022. Upon completion of the sale, Lomiko Metals will receive
$1,236,625 and $152,857 in expenses paid on behalf of Promethieus
by Lomiko Metals. Lomiko will retain a 20-per-cent interest in
Promethieus Technologies, which will be exchanged for 20-per-cent
equity in a new to be formed entity Promethieus Ventures NV,
which is in the process of listing on the Dutch Caribbean
Securities Exchange (DCSX) with the intention of raising
$10-million (U.S.). As the transaction has not completed, at the
upcoming Nov. 26, 2021, annual and special meeting (AGM) of Lomiko
shareholders, a resolution will be put forward to confirm the
approval of the transaction of arm's-length
shareholders.
The transaction was subject to
(1) shareholder approval; (2) Promethieus completing a financing;
and (3) regulatory approval. The transaction was considered a non-arms
length transaction as Mr. A. Paul Gill is a Director of all the
entities involved.
Promethieus
Buys 40% of Graphene ESD
Promethieus Technologies has
informed Lomiko that it has entered into an agreement to purchase
40% of Graphene ESD for $ 10,000 USD. Therefore, upon completion of the Lomiko
Technologies purchase, Promethieus will own 80% interest in
Graphene ESD.
For more
information on Lomiko Metals, SHD Smart Home Devices or
Promethieus, review the website at
www.lomiko.com,
www.shddevices.com and
www.promethieus.com, email:
info@lomiko.com or contact A. Paul Gill at
604-729-5312.
On Behalf of the Board
"Gabriel
Erdelyi"
Director
We seek safe
harbor.
Neither 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
release.