Business
Lomiko Metals Announces Update to Closing of First Tranche of Hard Dollar Private Placement, Grant Proceeds and the Flow-Through Unit Offering
MONTREAL / Jul 14, 2023 / Business Wire / Lomiko Metals Inc. (TSX.V: LMR) (“Lomiko Metals” or the “Company”) is pleased to announce that it will apply to the TS
About this update from Lomiko Metals Inc.
[{"type":"text","content":"MONTREAL / Jul 14, 2023 / Business Wire / Lomiko Metals Inc. (TSX.V: LMR) (“Lomiko Metals” or the “Company”) is pleased to announce that it will apply to the TSX Venture Exchange to close a first tranche of its previously announced private placement pursuant to which it will issue 13,366,666 units (each a \"Unit\") at $0.03 per Unit for gross proceeds of $401,000. Each unit consists of one (1) common share and one common share purchase warrant (each a \"Hard Warrant\"). Each Hard Warrant entitles the holder to acquire one (1) common share at a price of $0.05 for a period of 60 months. In addition, the Company secured a grant of approximately $500,000 from federal and provincial agencies to continue advancing pre-feasibility level battery trials with its La Loutre natural flake graphite concentrate. Lomiko will provide further detail on this grant in the coming weeks. The Units will be subject to a four-month “hold period” commencing on the closing date pursuant to National Instrument 45-102 – Resale of Securities and Regulation 45-102 respecting Resale of Securities (Québec) and the certificates or DRS advice representing such securities will bear a legend to that effect. The Offering remains subject to the final approval of the TSX Venture Exchange. On closing and subject to TSX Venture Exchange approval, the Company anticipates paying finders' fees totalling $2,550, issuing 416,667 common shares and 85,000 warrants exercisable for five years at $0.05. Private Placement Use of Proceeds The net proceeds from the sale of the Units will be used by the Company for general corporate and working capital purposes. It should be noted that the pre-feasibility metallurgical test work achieved excellent results and demonstrated that an optimized flotation plant flow sheet can achieve 94.7% graphite recovery and average 98.7% graphitic carbon purity at the La Loutre natural flake graphite project. Therefore, the Company will use part of the proceeds to continue metallurgical testing, value-added testing, and battery trials and has initiated discussions with battery manufacturers and OEMs (Original Equipment Manufacturers). The Company confirms there is no material fact or material change related to the Company which has yet to be generally disclosed. Flow-Through Unit Revised Pricing and Upsize The Company is also announcing an upsize and ...