Business
Lomiko Metals announces Private Placement, Update on Coming Events and Investor Relations Agreement
MONTREAL / Oct 25, 2022 / Business Wire / Lomiko Metals Inc. (TSX.V: LMR) (“Lomiko Metals” or the “Company”) is pleased to announce the initiation of a private
About this update from Lomiko Metals Inc.
[{"type":"text","content":"MONTREAL / Oct 25, 2022 / Business Wire / Lomiko Metals Inc. (TSX.V: LMR) (“Lomiko Metals” or the “Company”) is pleased to announce the initiation of a private placement, the engagement of a UK-based Investor Relations firm and events the team will be participating in. Belinda Labatte, CEO and Director of Lomiko Metals: “Lomiko has accomplished many milestones in 2022 and is now looking to position itself for additional works on its exploration La Loutre graphite and Bourier lithium properties as it advances the studies from Preliminary Economic Assessment (“PEA”) to Pre-Feasibility Study phase (“PFS”), at La Loutre. Funds will be primarily used at La Loutre for the resource update and additional metallurgical testing and value-added work activities, as the Company has initiated discussions with battery manufacturers and OEMs (Original Equipment Manufacturers). To complement the financing process, Lomiko is engaging with several organizations related to grant application processes to advance its projects and will seek additional financing to advance its portfolio of projects from strategic investors and cornerstone investors. The Company continues to evaluate regional corporate development opportunities in its vision to become an operator of choice in Quebec.” Private Placement The Company announces that it intends to offer a private placement for gross proceeds of up to $1,000,000, as follows: Up to 33,333,333 common share units (the “units”) of the Company will be offered at a price of $0.03 per unit to raise gross proceeds of up to $1,000,000. Each unit will consist of one (1) common share and one common share purchase warrant. Each warrant shall entitle the holder to acquire one (1) common share at a price of $0.05 for a period of 60 month. Finder fees and commissions may be paid in accordance with the TSX 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. The private placement remains subject to the final approval of the TSX Venture Exchange. The net proceeds of the units will be used to incur expenses on its exploration graphite and lithium properties. Below is a summary of the major categories applied to the net proceeds as required by TSXV policy, in addition to working capital requirements: 15% - Technical...