Lomiko Metals Inc. (“Lomiko Metals” or the “Company”) is pleased to announce that following the effective date of the previously announced share consolidation update (“Consolidation”) on July 11th, 2024, the Company has applied to the TSX Venture Exchange to close its previously announced flow-through unit offering pursuant to which the Company will issue 1,463,415 flow-through units (the “FT Units“) at a price of $0.41 per FT Unit for a total of $600,000. Each FT Unit consists of one common share that will qualify as a “flow-through share” within the meaning of the Income Tax Act (Canada) and one-half of one common share purchase warrant (a “FT Warrant“), with each whole Warrant being exercisable at a price of $0.52 per share for a period of 36 months.
On closing and subject to TSX Venture Exchange approval, the Company anticipates paying finders' fees totalling $30,000 and 73,171 warrants exercisable for two years at $0.41.
The Company will apply to the TSX Venture Exchange to close the first tranche of its previously announced private placement, pursuant to which it will issue 1,242,172 units (each a "Unit") at $0.35 per Unit for gross proceeds of $434,760. Each unit consists of one (1) common share and one common share purchase warrant (each a "Hard Warrant"). Each Hard Warrant entitles the holder to acquire one (1) common share at a price of $0.52 for a period of 36 months.
The Units and FT Units will be subject to a four-month “hold period” commencing on the closing date pursuant to National Instrument 45-102 – Resale of Securities and Regulation 45-102 respecting Resale of Securities (Québec) and the certificates or DRS advice representing such securities will bear a legend to that effect. The Offering remains subject to the final approval of the TSX Venture Exchange.
On closing and subject to TSX Venture Exchange approval, the Company anticipates paying finders' fees totalling $1,155 and issuing 3,300 warrants exercisable for two years at $0.35.
The Company confirms there is no material fact or material change related to the Company which has yet to be generally disclosed.
This news release does not constitute an offer to sell or a solicitation of an offer to sell any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
