Business
Lomiko Metals Announces Private Placement of Units and Retirement of Executive Chair
MONTREAL / Nov 23, 2023 / Business Wire / Lomiko Metals Inc. (TSX.V: LMR) (“Lomiko Metals” or the “Company”) is pleased to announce the launch of a private plac
About this update from Lomiko Metals Inc.
[{"type":"text","content":"MONTREAL / Nov 23, 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 in Quebec, Canada. The Private Placement will consist of hard dollar units for gross proceeds of up to $500,000. Belinda Labatte, CEO and Director of Lomiko Metals: “Lomiko has accomplished many milestones in the last 18 months, including an updated Mineral Resource Estimate for La Loutre, environmental baseline studies and advancing the metallurgical studies. With this financing and committed investors, we will advance pre-feasibility level initiatives and continue to advance the important discussions with communities, partners and First Nation Kitigan Zibi.” Private Placement Units As described above, the Private Placement will consist of hard dollars for gross proceeds of up to $500,000 (the \"Offering\"). Pursuant to the Offering, the Company may issue up to 16,666,666 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 \"Warrant\"). Each 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 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. Finder fees and commissions may be paid in accordance with the TSX Venture Exchange policies. 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. Closing is subject to several prescribed conditions, including, without limitations, approval of the TSX Venture Exchange. Retirement of Director A special thank you and note of appreciation for Paul Gill, Executive Chair, who will not stand for re-election a...