Lomiko Metals closes $300,000 private placement

Executive Summary

• Lomiko Metals Inc. has closed a non-brokered private placement for $300,000 in flow-through eligible funds.
• The company issued 2.5 million flow-through common shares at a price of 12 cents per share.
• Proceeds are designated for strategic initiatives, including bulk sample and anode piloting at the La Loutre project, regional graphite exploration in Quebec, and exploration of the Yellow Fox property in Newfoundland.

Key Details

• Transaction Structure: Non-brokered private placement of flow-through eligible funds.
• Gross Proceeds: $300,000.
• Shares Issued: 2.5 million flow-through common shares.
• Price Per Share: 12 cents.
• Finder’s Fees:
  • Cash fees paid: $21,000.
  • Warrants issued: 175,000 common share purchase warrants (calculated at 7% of issued FT shares).
• Warrant Terms:
  • Exercise Price: 12 cents per common share.
  • Term: Two years from issuance.
• Hold Period: All securities issued are subject to a hold period of four months and one day from the date of issuance.
• Use of Proceeds:
  • Bulk sample and anode piloting at the La Loutre project.
  • Regional graphite exploration in Quebec.
  • Exploration of the Yellow Fox property antimony-gold prospect in Newfoundland.

Notable Quotes

• "The proceeds from this flow-through financing will be used for strategic initiatives, such as the bulk sample and anode piloting at the La Loutre project, regional graphite exploration in Quebec, and exploring the company's Yellow Fox property antimony-gold prospect in Newfoundland." — Gordana Slepcev, CEO, President and Director