Business
Lomiko Metals Closes C$1.1 Million Private Placement; Increases Ownership In La Loutre Graphite Property
Vancouver, British Columbia--(Newsfile Corp. - August 31, 2017) - Lomiko Metals Inc. (TSXV: LMR) (OTCQB: LMRMF) (FSE: DH8C.F) (WKN: A0Q9W7) (the "Company" or "L
About this update from Lomiko Metals Inc.
[{"type":"text","content":"Vancouver, British Columbia--(Newsfile Corp. - August 31, 2017) - Lomiko Metals Inc. (TSXV: LMR) (OTCQB: LMRMF) (FSE: DH8C.F) (WKN: A0Q9W7) (the \"Company\" or \"Lomiko\") announces that it is has closed $1,132,427, eliminated a $144,998.05 loan through a transfer of assets to its 40% owned subsidiary Graphene ESD and increased it's ownership of the La Loutre Graphite Property to 80%. Further, Lomiko will be proceeding with its financing and will continue to offer: 1,200,000 Flow-Through Units (the “FT Units”) at a price of $0.26 per FT Unit to raise $ 312,000. Each FT Unit consists of one flow-through common share and one warrant exercisable for 24 months at $0.29; and 1,000,000 Units (the “Units”) at a price of $0.20 per Unit to raise $ 200,000. Each Unit consists of one common share and one share warrant exercisable for 36 months at $0.29. Flow-Through Units are only available to Canadian residents. A Finder's fee may be paid in accordance with TSX Venture policies. The proceeds will be used to complete further drilling at the La Loutre Property in the Refractory Zone in order to define a resource in compliance with 43-101 and for working capital. La Loutre Flake Graphite Property Developments On February 9th, 2016, Lomiko Metals and Canada Strategic announced resource for the La Loutre Flake Graphite Property of 18.4 M Tonnes of 3.19% Indicated and 16.7 M Tonnes at 3.75% Flake Graphite Inferred with a cut-off of 1.5%. The sensitivity table also features 4.1 M Tonnes of 6.5% Indicated and 6.2 Million Tonnes at 6.1% Flake Graphite Inferred with a cut-off of 3%. The results are all focused on the Graphene-Battery Zone. The new area of mineralization appears to be 200 metres wide, have a current strike length of over 400 metres in a north-west to south east direction and is open in both directions. The table below is showing the results from infill drilling from Hole LL-16-01 to LL-16-06. A map of drill holes at the Refractory Zone which includes 2015 and 2016 results and highlights included 7.74% graphite over 135.60 metres including 16.81% graphite over 44.10 metres from hole LL-16-01, two different intersection in hole LL-16-02 reporting 17.08% graphite over 22.30 metres and 14.80% graphite over 15.10 metres and 110.80 metres of 14.56% Graphite in Hole LL-16-03. On July 19, 2017 Lomiko announced it had completed all work and ...