Private Placement Update
#439, 7184 120th Street, Surrey, BC, V3W 0M6● Ph: (778) 228- 1170 ● Fax: (604) 583-1932 ● Website: www.lomiko.com
Private Placement Update
August 2, 2023 - Lomiko Metals Inc. (TSX.V: LMR) (the “Company”) announces that it has
closed off its private placement and was successful in raising $401,000 through the issuance of
13,366,666 units at $0.03. Each unit consists of one common share and one warrant exercisable
at $0.05 for 60 months.
Finder fees of $2,550.00 cash, issuance of 416,667 common shares and a warrant has been issued
for the right to acquire 85,000 common shares exercisable for five (5) years at $0.05.
The proceeds from the private placement will be used to incur expenses on its graphite and lithium
properties. The major categories applied to the gross proceeds as required by TSX Venture
Exchange policy, in addition to working capital requirements are as follows:
• 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.
The Company will not be proceeding with a second tranche at this time.
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 coa rse-grained, flake -type graphite mineralization from organic -rich material during high -
temperature metamorphism.
Lomiko Metals published April 13, 2023 Updat ed 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 Mine ral 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
2
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 nea r 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 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: [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 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 financi al position or operations, and the expected timing of announcements in this regard. FLI involves known and unknown risks, ass umptions 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; t he ability to operate in a safe and effective manner; uncertainties related to receiving and maintaining exploration, environ mental 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 Ven ture Exchange) accepts responsibility for the adequacy or
accuracy of this news release.