Lomiko Announces
Private Placement
Montreal, Quebec -
January 10th, 2022 - InvestorsHub NewsWire
-- Lomiko Metals
Inc. (TSX.V:
LMR) ("Lomiko Metals" or the "Company")
is
pleased to announce that it has received conditional approval from
the TSX Venture Exchange (the "TSX") for a non-brokered private
placement and, subject to the approval of the TSX, will close its
financing for gross proceeds of $1,636,000.00 through the issue of
20,450,000 units (the "Units") at a price of $0.08 per
unit.
Each Unit will consist of one common
share and one warrant exercisable for five years at
$0.11.
The
closing of the private placement is subject to the completion of
formal documentation and the approval of the TSX Venture
Exchange.
Finder
fees and commissions may be paid in accordance with the TSX
policies.
Proceeds of the private
placement will be used for working capital. Ms. Belinda Labatte,
CEO and Director stated: "We are pleased to secure this funding in
addition to the $2.1m flow-through financing announced on December
23, 2021. Together with this financing, Lomiko will move forward
with studies to advance the La Loutre graphite project, including
an infill drilling program to increase the knowledge and quality of
its current mineral resource, metallurgical testing, and
environmental baseline studies. The Company will move forward
diligently and looks forward to working with its consultants,
contractors, suppliers, service providers, and community members in
Quebec to advance the work at its wholly-owned La Loutre property
in Quebec."
Insiders of the Company
subscribed for 1,250,000 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 Units acquired by the insiders
nor the consideration for the 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 this
private placement as details of the respective participation of
such insiders in the Offering was unknown at such time.
All
securities to be issued will be subject to a four-month plus one
day hold period from the date of issuance.
About Lomiko Metals Inc.
Lomiko Metals has a new
vision and a new strategy in new energy. Lomiko represents a
company with 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.
The
Company holds a 100% interest 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 48 minerals claims totaling 2,867
hectares (28.7km2).
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.
Lomiko
is working with Critical Elements Lithium Corporation towards
earning its 70% stake in the Bourier Project as per the options
agreement announced on April 27th,
2021. 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 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 or contact us
at
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
new 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
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: current market for
critical minerals; current technological trends; the business
relationship between the Company 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.
For more
information, please contact:
Kimberly
Darlington
k.darlington@lomiko.com
514-771-3398
