Business
Lomiko Metals announces Flow-Through Financing, Annual and Special Meeting Notice and Corporate Update
MONTREAL / Dec 05, 2022 / Business Wire / Lomiko Metals Inc. (TSX.V: LMR) (“Lomiko Metals” or the “Company”) is pleased to announce that it intends to offer up
About this update from Lomiko Metals Inc.
[{"type":"text","content":"MONTREAL / Dec 05, 2022 / Business Wire / Lomiko Metals Inc. (TSX.V: LMR) (“Lomiko Metals” or the “Company”) is pleased to announce that it intends to offer up to 17,500,000 flow-through units at $0.04 (the “FT Units”) for gross proceeds of up to $700,000. The Company would also like to provide a corporate update on the Annual and Special Meeting and the previously announced sale of wholly-owned subsidiary Lomiko Technologies Inc. Belinda Labatte, CEO and Director of Lomiko Metals: “We are pleased to announce the flow-through financing of up to $700,000 will be used to further our La Loutre and regional natural flake graphite exploration campaign and prospects at the Bourier lithium project. 2023 is a year to build on all our operational milestones and position ourselves for the significant doubling in investment into Electric Vehicles by automakers, forecast to be nearly $1.2 trillion in 2023, according to Reuters. In addition, demand growth for graphite is forecast to increase to 40% year on year, according to Fastmarkets, from 30% a year ago. Lomiko is well positioned in Quebec as a responsible operator developing a secure supply of graphite projects in Southern Quebec.” Flow-Through Private Placement The Flow-Through private placement will consist of 17,500,000 flow-through units (the “FT Units”) at a price of $0.04 per FT Unit for aggregate gross proceeds of $700,000. 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 the Taxation Act (Québec) and one common share purchase warrant (a “Warrant”) with each whole Warrant being exercisable at a price of $0.06 per share for a period of two years following the closing. The Company intends to use the gross proceeds of the flow-through 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. Closing is subject to several prescribed conditions...