Lomiko announces Flow-Through Financing, Annual and Special Meeting Notice and Corporate Update
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Lomiko announces Flow-Through Financing, Annual and Special Meeting
Notice and Corporate Update
Montreal, Quebec – December 5, 2022 - Lomiko Metals Inc. (TSX.V: LMR) (“Lomiko Metals”
or the “Company”) is pleased to announce that it intends to offer up to 17,500,000 flow-through
units at $0.04 (the “FT Units”) for gross proceeds of up to $700,000. The Company would also
like to provide a corporate update on the Annual and Special Meeting and the previously
announced sale of wholly-owned subsidiary Lomiko Technologies Inc.
Belinda Labatte, CEO and Director of Lomiko Metals: “We are pleased to announce the flow-
through financing of up to $700,000 will be used to further our La Loutre and regional natural
flake graphite exploration campaign and prospects at the Bourier lithium project. 2023 is a year to
build on all our operational milestones and position ourselves for the significant doubling in
investment into Electric Vehicles by automakers, forecast to be nearly $1.2 trillion in 2023,
according to Reuters. In addition, demand growth for graphite is forecast to increase to 40% year
on year, according to Fastmarkets, from 30% a year ago. Lomiko is well positioned in Quebec as
a responsible operator developing a secure supply of graphite projects in Southern Quebec.”
Flow-Through Private Placement
The Flow-Through private placement will consist of 17,500,000 flow-through units (the “FT
Units”) at a price of $0.04 per FT Unit for aggregate gross proceeds of $700,000.
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 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 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
initial purchasers of FT Units in an aggregate amount not less than the gross proceeds from the
sale of the FT Units.
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.
Finder fees and commissions may be paid in accordance with the TSX policies.
Corporate update
Annual and Special Meeting
As previously announced, the Annual and Special Meeting of the Company will be held by
means of remote communication rather than in person, on Tuesday, December 6, 2022, at the
hour of 11:00 a.m. (Eastern time). Due to a technical issue outside of the Company’s control,
Lomiko will not be in a position to send out individual confirmation emails (with a copy of the
Zoom link) to every registered shareholder and duly appointed proxyholder who registered prior
to the Meeting using the link provided in the notice of Meeting dated November 3, 2022.
Registered Shareholders and duly appointed proxyholders can attend the meeting using the Zoom
link provided below.
https://fasken.zoom.us/meeting/register/tJUlduippzgqGNz1S9xPkmIoCdcdxWLb7LAN
(Meeting ID: 918 1119 3028)
To ensure a smooth process, the Company is asking registered shareholders and duly appointed
proxyholders to log in by 10:45 a.m. (Eastern time) on December 6, 2022.
Sale of wholly-owned Lomiko Technologies Inc.
During the last Annual and Special Meeting held by the company on December 6, 2021,
shareholders approved the extension of the sale of the Company’s wholly-owned subsidiary
Lomiko Technologies Inc to Promethieus Technologies Inc. The transaction was to be completed
on November 30, 2022. As of the date of this release, the sale was not completed by the agreed
date. The Company will review alternatives to the previously proposed transaction.
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.
In addition to La Loutre, Lomiko is working with Critical Elements Lithium Corporation towards
earning its 70% 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.
About the La Loutre Graphite Project
The Company holds exclusive mineral rights in its La Loutre graphite development project 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 one large, continuous block with 76 mineral claims
totalling 4,528 hectares (45.3 km2).
The Property is underlain by rocks belonging to the Grenville Province of the Precambrian
Canadian Shield. The Grenville was formed under conditions that were very favourable for the
development of coarse-grained, flake-type graphite mineralization from organic-rich material
during high-temperature metamorphism.
Lomiko Metals published a July 29, 2021 Preliminary Economic Estimate (PEA) which indicated
the project had a 15-year mine life producing per year 100,000 tonnes of graphite concentrate at
95% Cg or a total of 1.5Mt of 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.
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 or
please contact:
Kimberly Darlington
514-771-3398
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. No stock exchange, securities commission or other regulatory authority has approved or
disapproved the information contained herein.