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Lomiko Metals Announces Private Placement of Units and Flow-Through Units and Participation in Laval University Study, Quebec and UK Canada Trade Mission
MONTREAL, Quebec / Jun 16, 2023 / Business Wire / Lomiko Metals Inc. (TSX.V: LMR) (“Lomiko Metals” or the “Company”) is pleased to announce the launch of a priv
About this update from Lomiko Metals Inc.
[{"type":"text","content":"MONTREAL, Quebec / Jun 16, 2023 / Business Wire / Lomiko Metals Inc. (TSX.V: LMR) (“Lomiko Metals” or the “Company”) is pleased to announce the launch of a private placement (the \"Private Placement\") to support the Company's progress with its graphite and lithium projects. The Private Placement will comprise of a hard dollar component for gross proceeds of up to $2,100,000 and of a flow-through component for gross proceeds of up to $500,000, as described herein. Belinda Labatte, CEO and Director of Lomiko Metals: “Lomiko has accomplished many milestones in the last 18 months, and with this financing, it is looking to advance several pre-feasibility level initiatives within its portfolio of projects. In addition, we are pleased that the Company was selected to participate in the Canada-UK Trade mission from June 25 to 30 to develop new connections with potential partners. Chief Operating Officer Gordana Slepcev will be attending. Also, as Lomiko Metals wishes to work with the universities of Quebec on projects and programs focused on energy transition, we are delighted to participate in the study “Tracing the geological processes controlling the formation of high-grade graphite deposits in the Grenville Province of Central and Western Quebec.” This study is to last 36 months in partnership with the Department of Geology and Geological Engineering of Laval University and the Center Eau Terre Environnement of the National Institute for Scientific Research (INRS).” Units and Flow-Through Units Private Placement As described above, the Private Placement will consist of a hard dollar component for gross proceeds of up to $2,100,000 (the \"Hard Dollar Offering\") and of a flow-through component for gross proceeds of up to $500,000 (the \"Flow-Through Offering\"). Pursuant to the Hard Dollar Offering, the Company may issue up to 70,000,000 units (the \"Units\") of the Company at a price of $0.03 per unit. Each unit will consist of one (1) common share and one common share purchase warrant (each a \"Hard Warrant\"). Each Hard Warrant shall entitle the holder to acquire one (1) common share at a price of $0.05 for a period of 60 months. The net proceeds of the Hard Dollar 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...