Lomiko Metals Announces Closing of Private Placement for Gross Proceeds of C$500,000
The Company intends to use the proceeds of the Offering for general working capital purposes, the advancement of the La Loutre natural flake graphite project (the “Project”), and for regional graphite exploration.
All securities issued shall be subject to a hold period expiring four months and one day from the Closing. The Offering remains subject to final acceptance of the
The insiders of the Company subscribed for a total of 1,400,000 Units. As such, this participation constitutes a “related party transaction” as defined under Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions (“MI 61-101”). Such participation is exempt from the formal valuation and minority shareholder approval requirements of MI 61-101, as neither the fair market value of the Units acquired by the insider nor the consideration for the Units paid by such insider exceeds 25% of the Company’s market capitalization.
The Company did not file a material change report 21 days prior to the closing date of this private placement, as details of the respective participation of such insiders in the financing were unknown at such time.
About
The Company holds mineral interests in its advanced La Loutre graphite development in southern
The Company also holds an interest in seven early-stage projects in southern
The Company has optioned an early-stage property prospect in the precious metals, antimony, and REES. The Yellow Fox Property is located approximately 10 km southwest of the
On behalf of the Board,
Gordana Slepcev
CEO & President and Director,
For more information on
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 news release includes, but is not limited to: the total gross proceeds of the Offering, the use of proceeds of the Offering, the timing and successful completion of the Offering; 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); 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 reflect 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 intended use of the gross proceeds of the Offering and the decision of the Company to reallocate a portion of the gross proceeds of the Offering for sound business reasons, 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
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1-833-4-LOMIKO
info@lomiko.com
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