Lomiko Metals Inc. (TSX-V: LMR, OTC: LMRMF, FSE: DH8C) ("Lomiko
Metals” or the “Company”) announces that further to its management
information circular dated November 4, 2021 and filed on SEDAR (the
“Circular”), it wishes to provide more information to its
shareholders regarding the extension of closing of the sale of the
Company’s wholly owned subsidiary, Lomiko Technologies Inc., in
accordance with the Business Corporations Act (BC), to Promethieus
Technologies Inc.
The Circular mentions that the Share Purchase Agreement was
entered into on July 31, 2020. The Company would like to correct
that information, as the agreement was actually entered into on
July 31, 2019. Shareholders originally approved the transaction in
2019 at a shareholders meeting. The Share Purchase Agreement was
subsequently amended with amending agreements dated December 10,
2019, June 20, 2020 and October 5, 2021. Due to Brexit and
Covid-19, the transaction never closed, hence the reason
shareholders are requested to consider and to approve a special
resolution authorizing another extension of the Share Purchase
Agreement in the Circular for a new closing date of November 30,
2022.
The independent directors that approved the Share Purchase
Agreement in 2019 and the extensions in 2020 were Julius Galik and
Gabriel Erdelyi. Mr. Galik resigned as a director effective
December 17, 2020. Mr. Gregg Jensen replaced Mr. Galik as
independent director overseeing the transaction and has approved
the Circular. The independent directors have determined that the
economics of the transaction remained the same since the entering
into of the Share Purchase Agreement in 2019.
For more information on the transaction, please refer to the
Circular. The Company would also like to remind shareholders that
its Annual General Special Meeting will be held on Monday December
6, 2021 at 11:00 a.m. (Eastern Time).
Year-End Financials
The Company announces that it has filed its July 31st, 2021,
year-end financial statements and Management Discussion and
Analysis on www.sedar.com.
Lomiko Metals is dedicated to supporting the de-carbonization of
our economy and continues to be committed to and actively working
towards progressing the La Loutre graphite project from Preliminary
Economic Assessment (“PEA”) to Pre-Feasibility Stage (“PFS”) stage
and moving forward with continued exploration of the Bourier
lithium project to support the growth and development of Canada’s
critical mineral supply chain.
About Lomiko Metals Inc.
Lomiko Metals has a new vision and a new strategy in new energy.
Lomiko represents a company with purpose: a people-first company
where we can manifest a world of abundant renewable energy with
Canadian and Quebec critical minerals for a solution in North
America. Our goal is to create a new energy future in Canada where
we will grow the critical minerals workforce, become a valued
partner and neighbour with the communities in which we operate, and
provide a secure and responsibly sourced 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) First Nations
territory. The KZA First Nations are part of the Algonquin Nation
and the KZA territory is situated within the Outaouais and
Laurentides regions. Located 180 kilometres northwest of Montreal,
the property consists of 1 large, continuous block with 42 minerals
claims totaling 2,509 hectares (25.1km2). Lomiko Metals published a
Preliminary Economic Assessment (“PEA”) on September 10, 2021 which
indicated the project had a 15 year mine life. This report was
prepared as National Instrument 43-101 Technical Report for Lomiko
Metals Inc. by Ausenco Engineering Canada Inc., Hemmera Envirochem
Inc., Moose Mountain Technical Services, and Metpro Management
Inc., collectively the Report Authors. 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 near the James Bay
region of Quebec that has historically housed lithium deposits and
mineralization trends.
Mr. Mike Petrina, Project Manager, a Qualified Person under
National Instrument 43-101 – Standards of Disclosure for Mineral
Projects, has reviewed and approved the technical disclosure in
this news release.
For more information on Lomiko Metals, review the website at
www.lomiko.com, contact Belinda Labatte at 647-402-8379 or email:
info@lomiko.com.
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 financial position or operations, 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. 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; the
ability to operate in a safe and effective manner; uncertainties
related to receiving and maintaining exploration, environmental 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
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this news release. No stock exchange, securities
commission or other regulatory authority has approved or
disapproved the information contained herein.
On behalf of the Board,
Belinda Labatte
CEO and Director, Lomiko Metals Inc.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20211129005794/en/
Belinda Labatte 647-402-8379 info@lomiko.com
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