Business
Lomiko Metals Announces Private Placement
NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATE...
About this update from Lomiko Metals Inc.
[{"type":"text","content":"Lomiko Metals Announces Private Placement\n\n\n .bwalignc { text-align: center; list-style-position: inside }\n.bwlistdisc { list-style-type: disc }\n.bwuline { text-decoration: underline }\n \n\n\n\n\n NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES\n \n\n\n\n\n\n Lomiko Metals Inc. (TSX.V: LMR)\n \n (“Lomiko Metals” or the “Company”) is pleased to announce a non-brokered private placement (the “Offering”) for aggregate gross proceeds of up to C$1,000,000 from the sale of the following:\n \n\n\n up to 4,444,444 units of the Company (each, a “Unit”) at a price of C$0.135 per Unit for gross proceeds of up to C$600,000 from the sale of Units. Each Unit will consist of one common share of the Company (each, a “Common Share”) and one common share purchase warrant (each, a “Warrant”) exercisable for three years at $0.20.\n \n\n up to 2,352,941 flow-through units of the Company (the “FT Units”, and collectively with the Units, the “Offered Securities”) at a price of C$0.17 per FT Unit for gross proceeds of up to C$400,000 from the sale of FT Units. Each FT Unit will consist of one Common Share to be issued as a “flow-through share” within the meaning of the\n \n Income Tax Act\n \n (Canada) (the “Income Tax Act”) (each, a “FT Share”) and one half of one Warrant. Each whole Warrant will entitle the holder thereof to purchase one Common Share at a price of C$0.20 for a period of two (2) years.\n \n\n\n The Company intends to use the proceeds of the Offering to start the engineering phase of the pre-feasibility study of the La Loutre graphite project, progressing with the bulk sample and anode piloting at the La Loutre project, explore the Company’s Yellow Fox property, regional graphite exploration, and general working capital purposes.\n \n\n The gross proceeds from the issuance of FT Shares will be used to incur resource exploration expenses, which will constitute “Canadian exploration expenses” as defined in subsection 66.1(6) of the Income Tax Act and “flow-through critical mineral mining expenditures” as defined in subsection 127(9) of the Income Tax Act (the “Qualifying Expendituresȁ...