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Lomiko Metals Announces Closing of Flow-Through Private Placement and Update on Regional Graphite Exploration and Bourier Lithium Project
MONTREAL / Jul 21, 2022 / Business Wire / Lomiko Metals Inc. (TSX.V: LMR) (“Lomiko Metals” or the “Company”) announces the Company has received conditional appr
About this update from Lomiko Metals Inc.
[{"type":"text","content":"MONTREAL / Jul 21, 2022 / Business Wire / Lomiko Metals Inc. (TSX.V: LMR) (“Lomiko Metals” or the “Company”) announces the Company has received conditional approval and will apply to the TSX Venture Exchange (the “Exchange”) to close its non-brokered private placement (the “Private Placement”) of 9,765,400 flow-through units (the “FT Units”) at a price of $0.065 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 (Québec) and one-half (1/2) of a common share purchase warrant (a “Warrant”) with each whole Warrant exercisable at a price of $0.10 per share for a period of two years following closing. Subject to regulatory approval, the Company will pay a cash finder’s fees of $31,737.55 and issue 580,182 finder warrants (the “Finder’s Warrants”) to three parties. Each Finder’s Warrant is non-transferable and exercisable at a price of $0.10 per share for a period of two years following closing. 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. The private placement remains subject to the final approval of the TSX Venture Exchange. 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 (Québec) on the Company’s Laurentides regional graphite exploration program and the Bourier Lithium property, which will be incurred on or before December 31, 2023, and renounced with an effective date no later than December 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. CEO and Director Belinda Labatte commented: “We are pleased to secure Flow-Through Financing and applying the new critical minerals Flow Through credit in this financing which is pending further details and qualifications of the new credit announced in the 2022 budget. The Critical Minerals Exploration Tax Credit (CMETC) is a new tax credit proposed in budget 2022 on April 7, 2022. The 30% tax credit would be applicable to eligible expenses in the exploration of critical minerals...