Lomiko Raises $509,700
#439- 7184 120th Street, Surrey, B.C. V3W 0M6
May 29, 2020 TSX-V: LMR
LOMIKO RAISES $509,700
(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 $509,700 through the sale of 25,485,000
units at the price of $0.02 per unit. Each unit consisting of one common share and warrant exercisable for one year
at $0.05 from closing date.
Proceeds received will be for outstanding payables owed on property expenditures ($120,000), regulatory fees
($3,450), legal ($38,000), management fees ($100,000), account/audit ($100,000), transfer agent fees ($20,000),
promotion and travel ($25,000), 2020 annual meeting payables ($42,500), and working capital/commission on
financing ($60,750). While the Company intends to spend the net proceeds from the offering as st ated above, there
may be circumstances where, for sound business reasons, funds may be reallocated at the discretion of the Board.
The securities have now been issued having a hold period expiring September 30, 2020.
Directors of the Company participated as to an aggregate of 10,350,000 Units. The participation in the private
placement by the directors 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 from
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 ma rket
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 exemptions 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 securitie s to the Related Party has a fair market value of not more than
$207,000 and the Company is not listed on the Toronto Stock Exchange, but only on the TSX Venture Exchange.
Cash finder’s fee of $3,800 has agreed to be paid to Mackie Research Capital and $500 to PI Financial Corp.
The pricing of the private placement was made in reliance on the temporary relief measures established by the TSX
Venture Exchange's bulletin dated April 7, 2014. The price per common share was set at the last trading price on the
TSX-V before the issuance of the initial press release.
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 amended, and may not be offered or sold within the United States or to, or for the 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.
For more information, review the website at www.lomiko.com, or contact A. Paul Gill at 604-729-5312 or by email
at: [email protected].
ON BEHALF OF THE BOARD
LOMIKO METALS INC.
Signed: “A. Paul Gill”
A. Paul Gill,
President and Chief Executive Officer
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.