Lomiko Metals Inc. (TSX.V: LMR) (“Lomiko Metals” or the
“Company”) is pleased to announce the launch of a private placement
(the "Private Placement") to support the Company's progress
with its graphite and lithium projects. The Private Placement will
comprise of a hard dollar component for gross proceeds of up to
$2,100,000 and of a flow-through component for gross proceeds of up
to $500,000, as described herein.
Belinda Labatte, CEO and Director of Lomiko Metals: “Lomiko has
accomplished many milestones in the last 18 months, and with this
financing, it is looking to advance several pre-feasibility level
initiatives within its portfolio of projects. In addition, we are
pleased that the Company was selected to participate in the
Canada-UK Trade mission from June 25 to 30 to develop new
connections with potential partners. Chief Operating Officer
Gordana Slepcev will be attending.
Also, as Lomiko Metals wishes to work with the universities of
Quebec on projects and programs focused on energy transition, we
are delighted to participate in the study “Tracing the geological
processes controlling the formation of high-grade graphite deposits
in the Grenville Province of Central and Western Quebec.” This
study is to last 36 months in partnership with the Department of
Geology and Geological Engineering of Laval University and the
Center Eau Terre Environnement of the National Institute for
Scientific Research (INRS).”
Units and Flow-Through Units Private Placement
As described above, the Private Placement will consist of a hard
dollar component for gross proceeds of up to $2,100,000 (the
"Hard Dollar Offering") and of a flow-through component for
gross proceeds of up to $500,000 (the "Flow-Through
Offering"). Pursuant to the Hard Dollar Offering, the Company
may issue up to 70,000,000 units (the "Units") of the Company at a
price of $0.03 per unit. Each unit will consist of one (1) common
share and one common share purchase warrant (each a "Hard
Warrant"). Each Hard Warrant shall entitle the holder to
acquire one (1) common share at a price of $0.05 for a period of 60
months.
The net proceeds of the Hard Dollar Offering will be used to
incur expenses on its graphite and lithium properties. Below is a
summary of the major categories applied to the gross proceeds as
required by TSXV policy, in addition to working capital
requirements:
- 12% - Anode material studies.
- 5% - Metallurgical studies.
- 10% - Environmental, social, and Indigenous studies.
- Not more than 10% - Investor Relations and strategic advisory
work.
- The balance will be applied to working capital, finder fees,
and other project expenses.
Pursuant to the Flow-Through Offering, the Company may issue up
to 12,500,000 flow-through units (the "FT Units") at a price
of $0.04 per FT Unit. 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 one common share purchase warrant
(a "FT Warrant"), with each whole Warrant being exercisable
at a price of $0.06 per share for a period of two years following
the closing.
The Company intends to use the gross proceeds of the
Flow-Through Offering to incur Canadian Exploration Expenses and
"flow-through critical mineral mining expenditures" as defined in
the Income Tax Act (Canada) on the Company's recently acquired
Carmin Graphite project, Laurentides regional graphite exploration
program and the Bourier Lithium property exploration program, which
will be incurred on or before December 31, 2024, and renounced with
an effective date no later than December 31, 2023, to the initial
purchasers of FT Units in an aggregate amount not less than the
gross proceeds from the sale of the FT Units. For subscribers that
are residents of Québec at all relevant times, the expenses shall
be i) expenses which qualify for inclusion in the “exploration base
relating to certain Québec exploration expenses” within the meaning
of section 726.4.10 of the Taxation Act (Québec); and ii) expenses
qualifying for inclusion in the “exploration base relating to
certain Québec surface mining expenses or oil and gas exploration
expenses” within the meaning of section 726.4.17.2 of the Taxation
Act (Québec);
Finder fees and commissions may be paid in accordance with the
TSX Venture Exchange 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.
Closing is subject to several prescribed conditions, including,
without limitations, approval of the TSX Venture Exchange. All the
securities issued under the Offering are subject to resale
restrictions under applicable securities legislation.
Private Placement Use of Proceeds
The pre-feasibility metallurgical test work achieved excellent
results and demonstrate 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. The Company is seeking funding to continue our
metallurgical testing, value-added testing, and battery trials and
has initiated discussions with battery manufacturers and OEMs
(Original Equipment Manufacturers). To complement the financing
process, Lomiko is now engaging with several organizations related
to grant application processes to advance its projects, and funds
are intended to match these grants. We will provide updates as
these grant applications are approved and completed.
Within its exploration portfolio, the Company has an exploration
proposal to explore further its Bourier lithium property located on
the prolific Nemaska lithium belt, to obtain its 49% ownership
position with Critical Elements. On December 31, 2021, the Company
and Critical Elements agreed to amend Section 4.1(d) of the Option
Agreement such that $1,001,772 of exploration expenditures be
incurred on the Property on or before December 31, 2022 and if such
exploration expenditures cannot be approved or incurred by the
Operator they shall be deferred to December 31, 2023. The current
amount required to be incurred before this date is $583,844.
Investors can view the full terms of the Option Agreement on the
Company’s website.
Upcoming Conference Participation
Lomiko is pleased to be presenting and participating in the
following upcoming events:
- Mining Investment North America, Quebec City, June 19-21,
2023.
- The Canada-UK Critical Minerals Technology Partnering Event at
the prestigious Canada House in London on June 26, 2023.
Organized by the High Commission of Canada in
collaboration with Innovate UK and delivered by its business growth
service Innovate UK EDGE, this exclusive event is a result of the
Canadian Critical Minerals mission to the UK, aiming to foster
industrial R&D partnerships between Canadian and UK
organizations.
Please check the Company’s social media for
details.
The Company’s updated investor presentation and website can be
found on www.lomiko.com
About Lomiko Metals Inc.
The Company holds mineral interests in its La Loutre graphite
development in southern Quebec. The La Loutre project site is
within the Kitigan Zibi Anishinabeg (KZA) First Nation’s territory.
The KZA First Nation is part of the Algonquin Nation, and the KZA
traditional territory is situated within the Outaouais and
Laurentides regions. Located 180 kilometers northwest of Montreal,
the property consists of one large, continuous block with 76
mineral claims totaling 4,528 hectares (45.3 km2).
The Property is underlain by rocks from the Grenville Province
of the Precambrian Canadian Shield. The Grenville was formed under
conditions that were very favorable for the development of
coarse-grained, flake-type graphite mineralization from
organic-rich material during high-temperature metamorphism.
Lomiko Metals published April 13, 2023 Updated Mineral Resource
Estimate (MRE) which estimated 64.7 million tonnes of Indicated
Mineral Resources averaging 4.59% Cg per tonne for 3.0 million
tonnes of graphite, a tonnage increase of 184%. Indicated Mineral
Resources increased by 41.5 million tonnes as a result of the 2022
drilling campaign, from 17.5 million tonnes in 2021 MRE with
additional Mineral resources reported down-dip and within marble
units resulted in the addition of 17.5 million tonnes of Inferred
Mineral Resources averaging 3.51% Cg per tonne for 0.65 million
tonnes of contained graphite; and the additional 13,107 metres of
infill drilling in 79 holes completed in 2022 combined with the
refinement of the deposit and structural models contributed to the
addition of most of the Inferred Mineral Resources to the Indicated
Mineral Resource category, relative to the 2021 Mineral Resource
Estimate. The MRE assumes a US$1,098.07 per tonne graphite price
and a cut-off grade of 1.50%Cg (graphitic carbon).
In addition to La Loutre, Lomiko is working with Critical
Elements Lithium Corporation towards earning its 49% stake in the
Bourier Project as per the option 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.
On behalf of the Board, Belinda Labatte CEO and Director, Lomiko
Metals Inc.
For more information on Lomiko Metals, review the website at
www.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, and statements relating to the
intended use of proceeds of the Offering and the receipt of final
acceptance of the TSX Venture Exchange. 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.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230616210814/en/
Vincent Osbourne at 647-528-1501 or Belinda Labatte at
647-402-8379 or at 1-833-456-6456 or 1-833-4-LOMIKO or email:
info@lomiko.com.
Lomiko Metals (TSXV:LMR)
Graphique Historique de l'Action
De Avr 2024 à Mai 2024
Lomiko Metals (TSXV:LMR)
Graphique Historique de l'Action
De Mai 2023 à Mai 2024