Business
Lomiko Metals Announces Closing of the Hard Dollar Private Placement
MONTREAL / Dec 05, 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 / Dec 05, 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 private placement announced on November 23, 2023, pursuant to which it will issue 16,666,666 units (each a \"Unit\") at $0.03 per Unit for gross proceeds of $500,000. Each unit consists of one (1) common share and one common share purchase warrant (each a \"Hard Warrant\"). Each Hard Warrant entitles the holder to acquire one (1) common share at a price of $0.05 for a period of 60 months. The 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, and the certificates or DRS advice representing such securities will bear a legend to that effect. Private Placement Use of Proceeds The net proceeds of the Offering will be used to incur expenses on its graphite and lithium properties. Below is a summary of the major categories applied to the gross proceeds as required by TSXV policy, in addition to working capital requirements: 12% - Anode material studies. 5% - Metallurgical studies. 10% - Environmental, social, and Indigenous studies. Not more than 10% - Investor Relations and strategic advisory work. The balance will be applied to working capital, finder fees, and other project expenses. The Company confirms there is no material fact or material change related to the Company which has yet to be generally disclosed. Pursuant to applicable Canadian securities laws, all securities issued under this private placement are subject to a hold period of four months and one day. On closing, the Company anticipates paying finders’ fees with the issuance of 583,333 common shares. Closing is subject to several prescribed conditions, including, without limitations, final approval of the TSX Venture Exchange. About Lomiko Metals Inc. The Company holds mineral interests in its La Loutre graphite development in southern Quebec. The La Loutre project site is within the Kitigan Zibi Anishinabeg (KZA) First Nation’s territory. The KZA First Nation is part of the Algonquin Nation, and the KZA traditional territory is situated within the Outaouais and Laurentides regions. Located 180 kilometers northwest of Montreal, the ...