Lomiko Closes Oversubscribed Financing of $750,000
#439- 7184 120th Street, Surrey, B.C. V3W 0M6
October 23, 2020 TSX-V: LMR
LOMIKO CLOSES OVERSUBSCRIBED FINANCING OF $750,000
(Vancouver, B.C.) Lomiko Metals Inc. (“Lomiko”) (TSX -V: LMR, OTC: LMRMF, FSE: DH8C) announces it has
received subscriptions and closed it private placement financing and raised $750,000 through the sale of 15,000,000 units
at the price of $0.05 per unit. Each unit consisting of one common share and warrant exercisable for two years at $0.10
from closing date.
Proceeds will be for working capital. The securities will be issu ed having a four month plus one day hold period. The
issuance of the securities is subject to final approval of the TSX.
A director of the Company participated as to an aggregate of 3,000,000 Units. The participation in the private placement
by the director of the Company may be considered a "related party transaction" (the "Related Party") as defined under
Multilateral Instrument 61-101 ("Ml 61- 101"). The Company has determined that exemptions f rom the formal valuation
and minority shareholder approval requirements under Ml 61- 101 are available. In particular, the Company has
determined that the exemptions s et out in paragraphs (a) and (b) in section 5.5 of Ml 61- 101 are applicable since the
aggregate consideration to be paid by the Related Party does not exceed 25% of the market capitalization of the Company
and the Company is not listed on the Toronto Stock Exchange, but only on the TSX Venture Exchange. In addition,
regarding the minority sha reholder approval exemptions, the independent directors have determined that the e xemptions
set out in paragraphs (l)(a) and (b) in section 5.7 of Ml 61-101 are applicable in that the aggregate consideration to be paid
by the Related Party does not exceed 25% of the market capitalization of the Company, the distribution of the securities to
the Related Party has a fair market value of not more than $ 150,000 and the Company is not listed on the Toronto Stock
Exchange, but only on the TSX Venture Exchange.
Cash finder’s fee of $29,750, 238,000 common shares and 238,000 warrants has agreed to be paid to EMD Financial.
The securities referred to in this news release have not been, nor will they be, registered under the United States Securities
Act of 1933, as a mended, and may not be offered or sold within the Unit ed States or to, or for t he account or benefit of,
U.S. persons absent U.S. registration or an applicable exemption from the U.S. registration requirements. This news
release does not constitute an offer for sale of securities for sale, nor a solicitation for offers to buy any securities.
Promethieus Extension
Subsequent to news releases issued by Lomiko Metals July 31st, 2019, December 3, 2019, December 13th, 2019 and
August 6th, 2020 , Lomiko confirmed its has entered into and extended its sale agreeme nt of Lomiko Technologies to
Promethieus Technologies as of June 20, 2019 to Ju ne 30, 2021 as a result of complications related to BREXIT and
COVID 19. Upon completion of the sale, L omiko Metals will receive $1,236,625 and $ 193,614.32 in expenses paid on
behalf of Promethieus by Lomiko Metals. Lomiko retains a 20% interest in Promethieus Technologies Inc. which will be
exchanged for 20 % equity in a new to be formed entity Promethieus Ventures N.V. (“Promethieus N.V.”).which is in the
process of listing on the Dutch Caribbean Securities Exchange (DCSX) with the intention of raising $ 10 million USD. As
the transaction has not complete d, at the upcoming November 29, 2020 Annual and Special Meeting of Lomiko
shareholders, a resolution will be put forward to confirm the approval of the transaction of arms-length shareholders.
For more information, review the website at www.lomiko.c om, or cont act A. Paul Gill at 604 -729-5312 or by ema il at:
ON BEHALF OF THE BOARD
LOMIKO METALS INC.
A. Paul Gill,
Chief Executive Officer & Director
We seek safe harbor. Neither 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 release.