Business
Lomiko Metals Announces Non-Brokered Private Placement of up to $1.25 Million and Concurrent Share Consolidation
MONTREAL / Jun 24, 2024 / Business Wire / Lomiko Metals Inc. (TSX.V: LMR) (“Lomiko Metals” or the “Company”) announces a non-brokered private placement (the "Pr
About this update from Lomiko Metals Inc.
[{"type":"text","content":"MONTREAL / Jun 24, 2024 / Business Wire / Lomiko Metals Inc. (TSX.V: LMR) (“Lomiko Metals” or the “Company”) announces a non-brokered private placement (the \"Private Placement\") to support the Company's progress with its La Loutre graphite project and other claims in Québec, Canada. The Private Placement will be for gross proceeds of up to $1,250,000. The Private Placement will be carried out following the completion of the intended consolidation of its issued and outstanding common shares prior to the closing of the Private Placement (the “Consolidation”) on the basis of ten (10) existing common shares for one (1) post-consolidation common share (each a “Post-Consolidation Common Share”). Red Cloud Securities Inc. will be acting as a finder in connection with the Offering. The Private Placement will be comprised of the sale of any of the combination of the following: units of the Company (each, a “Unit”) at a post-Consolidation price of $0.35; and flow-through units of the Company (each, a “FT Unit”, and collectively with the Units, the \"Offered Securities\") at a post-Consolidation price of $0.41 per FT Unit. Each Unit will consist of one common share of the Company (each a \"Unit Share\") and one common share purchase warrant (each whole warrant, a \"Warrant\"). Each FT Unit will consist of one common share of the Company to be issued as a \"flow-through share\" within the meaning of the Income Tax Act (Canada) (each, a \"FT Share\") and one-half of one Warrant. Each Warrant shall entitle the holder to purchase one common share of the Company (each, a \"Warrant Share\") at a post-Consolidation price of $0.52 at any time on or before that date which is 36 months after the closing date of the Private Placement. Belinda Labatte, CEO and Director of Lomiko Metals stated: “Lomiko has accomplished many milestones, including: the award of a US$8.35m grant from the United States of America Department of Defense (“DoD”) in a Technology Investment Agreement (“TIA”) and contribution of CA$4.9m from Natural Resources Canada to support further studies at La Loutre natural flake graphite project in Québec, Canada; an updated Mineral Resource Estimate for La Loutre; continued progress with the environmental baseline studies; and demonstrating at larger scale the entire value chain with La Loutre graphite for use in the battery supply cha...