Business
Lomiko Metals announces an update on the closing of the Flow-Through unit offering
MONTREAL / Jul 24, 2023 / Business Wire / Lomiko Metals Inc. (TSX.V: LMR) (“Lomiko Metals” or the “Company”) is pleased to announce that it will apply to the TS
About this update from Lomiko Metals Inc.
[{"type":"text","content":"MONTREAL / Jul 24, 2023 / Business Wire / Lomiko Metals Inc. (TSX.V: LMR) (“Lomiko Metals” or the “Company”) is pleased to announce that it will apply to the TSX Venture Exchange to close its previously announced flow-through unit offering pursuant to which the Company will issue 17,700,000 flow-through units (the “FT Units“) at a price of $0.03 per FT Unit for a total of $531,000. 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 one common share purchase warrant (a “FT Warrant“), with each whole Warrant being exercisable at a price of $0.06 per share for a period of 24 months. The FT Units will be subject to a four-month “hold period” commencing on the closing date pursuant to National Instrument 45-102 – Resale of Securities and Regulation 45-102 respecting Resale of Securities (Québec) and the certificates or DRS advice representing such securities will bear a legend to that effect. The Offering remains subject to the final approval of the TSX Venture Exchange. On closing and subject to TSX Venture Exchange approval, the Company anticipates paying finders' fees totalling $26,550 and 885,000 warrants exercisable for two years at $0.06. Flow-Through Offering Use of Proceeds The Company intends to use the gross proceeds of the Flow-Through Offering to incur Canadian Exploration Expenses and \"flow-through critical mineral mining expenditures\" as defined in the Income Tax Act (Canada) on the Company's Bourier Lithium property exploration program, which will be incurred on or before December 31, 2024, and renounced with an effective date no later than December 31, 2023, to the initial purchasers of FT Units in an aggregate amount not less than the gross proceeds from the sale of the FT Units. For subscribers that are residents of Québec at all relevant times, the expenses shall be i) expenses which qualify for inclusion in the “exploration base relating to certain Québec exploration expenses” within the meaning of section 726.4.10 of the Taxation Act (Québec); and ii) expenses qualifying for inclusion in the “exploration base relating to certain Québec surface mining expenses or oil and gas exploration expenses” within the meaning of section 726.4.17.2 of the Taxation Act (Québec); The Company confirms there is no material fact or material ...