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lomico metal co., ltd. (TSX.V: LMR) (“Lomiko Metals” or the “Company”) is pleased to announce that it has received approval from the TSX Venture Exchange for non-traditional transactions previously announced on January 7, 2022 and updated in January Brokered Private Placement January 14, 2022. It has closed a financing of $1,666,000 in gross proceeds and issued 20,825,000 units (“Units”) at a price of $0.08 per unit. Each unit consists of one common share and one warrant, exercisable at $0.11 over 5 years.
The company has agreed to pay a total of $33,100 in cash search fees and to issue a total of 413,750 warrants, exercisable at $0.11 over two years.
Proceeds from the private placement will be used for working capital.
Company insiders subscribed for 1,375,000 shares. Therefore, such participation constitutes a “related party transaction” as defined in 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 approval requirements of MI 61-101 because neither the fair market value of units acquired by insiders nor the consideration paid by such insiders for units exceeds 25% of the company’s market value. The material change report was submitted 21 days before the closing date of the private placement, as the details of the respective participation of these insiders in the offering were not known at that time.
The securities are now issued with a stated holding period expiring on May 20, 2022.
About Lomiko Metals Inc.
Lomiko Metals has a new vision and a new strategy in the field of new energy. Lomiko represents a company with a purpose: a people-focused company where we can showcase a rich world of renewable energy, with key minerals from Canada and Quebec, providing solutions for North America. Our goal is to create a new energy future in Canada, where we will develop a critical minerals workforce, be a valued partner and neighbor to the communities in which we operate, and provide a safe and responsible supply of critical minerals.
The company holds a 100% interest in its La Loutre graphite development in southern Quebec. The La Loutre project site is located within the Kitigan Zibi Anishinabeg (KZA) Aboriginal Territory. …
The full story is available on Benzinga.com
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