Lomiko Metals Inc. (TSX.V: LMR) (“Lomiko Metals” or the
“Company”) announces the Company received TSX-V approval and closed
its private placement. It has issued 18,625,000 flow-through units
(the “FT Units”) at a price of $0.04 per FT Unit for aggregate
gross proceeds of $745,000. The Company is pleased to have offered
the 30% Critical Mineral Exploration Tax Credit, its second time in
2022, which was introduced to support specified critical minerals
exploration expenditures incurred in Canada.
Each FT Unit consists of one common share that will qualify as a
“flow-through share” within the meaning of the Income Tax Act
(Canada) and the Taxation Act (Québec) and one common share
purchase warrant (a “Warrant”) with each whole Warrant exercisable
at a price of $0.06 per share for a period of two years following
closing.
An insider of the Company subscribed for 1,875,000 FT Units. As
such, this participation constitutes a “related party transaction”
as defined under Multilateral Instrument 61-101 Protection of
Minority Security Holders in Special Transactions (“MI 61-101”).
Such participation is exempt from the formal valuation and minority
shareholder approval requirements of MI 61-101 as neither the fair
market value of the FT Units acquired by the insiders nor the
consideration for the FT Units paid by such insiders, exceed 25% of
the Company’s market capitalization. The Company did not file a
material change report 21 days prior to the closing date of the
Offering as details of the respective participation of such
insiders in the Offering was unknown at such time.
The Company has paid cash finder’s fees of $7,500.00 and will
issue 187,500 non-transferable finder warrants exercisable at a
price of $0.06 per share for a period of two years following
closing.
The Company intends to use the gross proceeds of the
flow-through private placement to incur Canadian Exploration
Expenses and “flow-through mining expenditures” as defined in the
Income Tax Act (Canada) and the Taxation Act (Québec) on the
Company’s Laurentides regional graphite exploration program and the
Bourier Lithium property, which will be incurred on or before
December 31, 2023, and renounced with an effective date no later
than December 31, 2022 to the subscribers of FT Units in an
aggregate amount not less than the gross proceeds from the sale of
the FT Units.
All the securities issued under the Offering are subject to a
hold period of four months and one day expiring on April 20,
2023.
About Lomiko Metals Inc.
Lomiko Metals has a new vision and a new strategy in new energy.
Lomiko represents a company with a purpose: a people-first company
where we can manifest a world of abundant renewable energy with
Canadian and Quebec critical minerals for a solution in North
America. Our goal is to create a new energy future in Canada where
we will grow the critical minerals workforce, become a valued
partner and neighbour with the communities in which we operate, and
provide a secure and responsibly sourced supply of critical
minerals. Lomiko is ECOLOGO certified.
The Company holds exclusive mineral interests in its La Loutre
graphite development in southern Quebec. The La Loutre project site
is located within the Kitigan Zibi Anishinabeg (KZA) First Nations
territory. The KZA First Nations are part of the Algonquin Nation
and the KZA territory is situated within the Outaouais and
Laurentides regions. Located 180 kilometres northwest of Montreal,
the property consists of 1 large, continuous block with 76 minerals
claims totaling 4,528 hectares (45.3 km2). Lomiko Metals published
a Preliminary Economic Assessment (“PEA”) on September 10, 2021
which indicated the project had a 15-year mine life producing per
year 100,000 tonnes of the graphite concentrate at 95%Cg or a total
of 1.5Mt of the graphite concentrate. This report was prepared as
National Instrument 43-101 Technical Report for Lomiko Metals Inc.
by Ausenco Engineering Canada Inc., Hemmera Envirochem Inc., Moose
Mountain Technical Services, and Metpro Management Inc.,
collectively the Report Authors. The Bourier project site is
located near Nemaska Lithium and Critical Elements south-east of
the Eeyou Istchee James Bay territory in Quebec which consists of
203 claims, for a total ground position of 10,252.20 hectares
(102.52 km2), in Canada’s lithium triangle near the James Bay
region of Quebec that has historically housed lithium deposits and
mineralization trends.
Mr. Mike Petrina, Project Manager, a Qualified Person (“QP”)
under National Instrument 43-101 – Standards of Disclosure for
Mineral Projects, has reviewed and approved the technical
disclosure in this news release.
For more information on Lomiko Metals, review the website at
www.lomiko.com
Contact Vince Osbourne at 647-528-1501 Belinda Labatte at
647-402-8379 or at 1-833-456-6456 or 1-833-4-LOMIKO or email:
info@lomiko.com.
Cautionary Note Regarding Forward-Looking Information
This news release contains "forward-looking information" within
the meaning of the applicable Canadian securities legislation that
is based on expectations, estimates, projections and
interpretations as at the date of this news release. The
information in this news release about the Company; and any other
information herein that is not a historical fact may be
"forward-looking information" (“FLI”). All statements, other than
statements of historical fact, are FLI and can be identified by the
use of statements that include words such as "anticipates",
"plans", "continues", "estimates", "expects", "may", "will",
"projects", "predicts", “proposes”, "potential", "target",
"implement", “scheduled”, "intends", "could", "might", "should",
"believe" and similar words or expressions. FLI in this news
release includes, but is not limited to: the Company’s objective to
become a responsible supplier of critical minerals, exploration of
the Company’s projects, including expected costs of exploration and
timing to achieve certain milestones, including satisfactory
completion of due diligence and ability to reach an agreement with
third party owners in connection with projected acquisitions,
timing for completion of exploration programs; the Company’s
ability to successfully fund, or remain fully funded for the
implementation of its business strategy and for exploration of any
of its projects (including from the capital markets); any
anticipated impacts of COVID-19 on the Company’s business
objectives or projects, the Company's financial position or
operations, and the expected timing of announcements in this
regard. FLI involves known and unknown risks, assumptions and other
factors that may cause actual results or performance to differ
materially. This FLI reflects the Company’s current views about
future events, and while considered reasonable by the Company at
this time, are inherently subject to significant uncertainties and
contingencies. Accordingly, there can be no certainty that they
will accurately reflect actual results. Assumptions upon which such
FLI is based include, without limitation: potential of future
acquisitions presently evaluated by the Company; current market for
critical minerals; current technological trends; the business
relationship between the Company, local communities and its
business partners; ability to implement its business strategy and
to fund, explore, advance and develop each of its projects,
including results therefrom and timing thereof; the ability to
operate in a safe and effective manner; uncertainties related to
receiving and maintaining exploration, environmental and other
permits or approvals in Quebec; any unforeseen impacts of COVID-19;
impact of increasing competition in the mineral exploration
business, including the Company’s competitive position in the
industry; general economic conditions, including in relation to
currency controls and interest rate fluctuations.
The FLI contained in this news release are expressly qualified
in their entirety by this cautionary statement, the
“Forward-Looking Statements” section contained in the Company’s
most recent management’s discussion and analysis (MD&A), which
is available on SEDAR at www.sedar.com, and on the investor
presentation on its website. All FLI in this news release are made
as of the date of this news release. There can be no assurance that
such statements will prove to be accurate, as actual results and
future events could differ materially from those anticipated in
such statements. Accordingly, readers should not place undue
reliance on forward-looking information. The Company does not
undertake to update or revise any such forward-looking statements
or forward-looking information contained herein to reflect new
events or circumstances, except as may be required by applicable
securities laws.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this news release. No stock exchange, securities
commission or other regulatory authority has approved or
disapproved the information contained herein.
On behalf of the Board, Belinda Labatte CEO and Director, Lomiko
Metals Inc.
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version on businesswire.com: https://www.businesswire.com/news/home/20221219005242/en/
For more information, please contact:
Lomiko Metals Inc. info@lomiko.com 1-833-456-6456
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