Lomiko Metals provides an update on closing of the flow-through unit offering and closing of the first tranche of the hard dollar private placement.
#439, 7184 120th Street, Surrey, BC, V3W 0M6 ● Ph: (833) 456-6456 ● Website: www.lomiko.com
Lomiko Metals provides an update on closing of the flow-through unit
offering and closing of the first tranche of the hard dollar private placement.
NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES
OR FOR DISSEMINATION IN THE UNITED STATES
July 15, 2024 – Montreal, Québec: Lomiko Metals Inc. (TSX.V: LMR) (“Lomiko Metals” or
the “Company”) is pleased to announce that following the effective date of the previously
announced share consolidation update (“Consolidation”) on July 11 th, 2024, the Company has
applied to the TSX Venture Exchange to close its previously announced flow-through unit offering
pursuant to which the Company will issue 1,463,415 flow-through units (the “ FT Units“) at a
price of $0.41 per FT Unit for a total of $600,000. 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 one-half of one common share purchase warrant (a “FT Warrant“), with each whole Warrant
being exercisable at a price of $0.52 per share for a period of 36 months.
On closing and subject to TSX Venture Exchange approval, the Company anticipates paying
finders' fees totalling $30,000 and 73,171 warrants exercisable for two years at $0.41.
The Company will apply to the TSX Venture Exchange to close the first tranche of its previously
announced private placement, pursuant to which it will issue 1,242,172 units (each a " Unit") at
$0.35 per Unit for gross proceeds of $434,760. Each unit consists of one (1) common share and
one common share purchase warrant (each a " Hard Warrant"). Each Hard Warrant entitles the
holder to acquire one (1) common share at a price of $0.52 for a period of 36 months.
The Units and FT Units will be subject to a four-month “hold period” commencing on the closing
date pursuant to National Instrument 45-102 – Resale of Securities and Regulation 45-102
respecting Resale of Securities (Québec) and the certificates or DRS advice representing such
securities will bear a legend to that effect. The Offering remains subject to the final approval of
the TSX Venture Exchange.
On closing and subject to TSX Venture Exchange approval, the Company anticipates paying
finders' fees totalling $1,155 and issuing 3,300 warrants exercisable for two years at $0.35.
The Company confirms there is no material fact or material change related to the Company which
has yet to be generally disclosed.
This news release does not constitute an offer to sell or a solicitation of an offer to sell any of the
securities in the United States. The securities have not been and will not be registered under the
United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities
laws and may not be offered or sold within the United States or to U.S. Persons unless registered
under the U.S. Securities Act and applicable state securi ties laws or an exemption from such
registration is available.
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 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”).
The Property is underlain by rocks from the Grenville Province of the Precambrian Canadian
Shield. The Grenville Province 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 the April 13, 2023 Updated Mineral Resource Estimate (MRE) , which
estimated 64.7 million tonnes of Indicated Mineral Resources (as defined in National Instrument
43-101 Standards of Disclosure for Mineral Projects (“ NI 43-101”)) 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 (as defined in NI 43-101) reported down-dip and
within marble units resulted in the addition of 17.5 million tonnes of Inferred Mineral Resources
(as defined in NI 43-101) 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 has earned-in its 49% stake in the Bourier Project from Critical
Elements Lithium Corporation as per the option agreement announced on April 27 th, 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.
Contact us at 1-833-4-LOMIKO or e-mail: [email protected].
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 infor mation
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 total
amount of funds available to the Company ; 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); the Company’s ability to complete the Private Placement and the Consolidation,
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.
The FLI in this news release 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 r eflect actual results.
Assumptions upon which such FLI is based include, without limitation: the Company’s ability to implement
its overall business strategy and to fund, explore, advance and develop each of its projects, including results
therefrom and timing thereof , the impact of increasing competition in the mineral exploration business,
including the Company’s competitive position in the industry, and 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.sedarplus.ca. 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 such forward-looking
information. The Company does not undertake to update or revise any 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.