Lomiko Metals Inc. (TSX.V: LMR) (“Lomiko Metals” or the
“Company”) announces the Company has received conditional approval
and will apply to the TSX Venture Exchange (the “Exchange”) to
close its non-brokered private placement (the “Private Placement”)
of 9,765,400 flow-through units (the “FT Units”) at a price of
$0.065 per FT Unit for aggregate gross proceeds of $634,751.
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Figure 1 – New Lomiko Claims in relation
to La Loutre (Graphic: Business Wire)
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 the Taxation Act (Québec) and one-half (1/2) of a
common share purchase warrant (a “Warrant”) with each whole Warrant
exercisable at a price of $0.10 per share for a period of two years
following closing.
Subject to regulatory approval, the Company will pay a cash
finder’s fees of $31,737.55 and issue 580,182 finder warrants (the
“Finder’s Warrants”) to three parties. Each Finder’s Warrant is
non-transferable and exercisable at a price of $0.10 per share for
a period of two years following closing.
Pursuant to applicable Canadian securities laws, all securities
issued pursuant to this private placement are subject to a hold
period of four months and one day. The private placement remains
subject to the final approval of the TSX Venture Exchange.
The Company intends to use the gross proceeds of the private
placement to incur Canadian Exploration Expenses and “flow-through
mining expenditures” as defined in the Income Tax Act (Canada) and
the Taxation Act (Québec) on the Company’s Laurentides regional
graphite exploration program and the Bourier Lithium property,
which will be incurred on or before December 31, 2023, and
renounced with an effective date no later than December 31, 2022 to
the initial purchasers of FT Units in an aggregate amount not less
than the gross proceeds from the sale of the FT Units.
CEO and Director Belinda Labatte commented: “We are pleased to
secure Flow-Through Financing and applying the new critical
minerals Flow Through credit in this financing which is pending
further details and qualifications of the new credit announced in
the 2022 budget. The Critical Minerals Exploration Tax Credit
(CMETC) is a new tax credit proposed in budget 2022 on April 7,
2022. The 30% tax credit would be applicable to eligible expenses
in the exploration of critical minerals in Canada aligned with the
government’s new critical mineral strategy. The announced critical
mineral strategy and tax credit is important and directly aligned
with our ongoing regional strategy to develop the natural flake
graphite claims and to advance our Bourier lithium exploration
program. At La Loutre we continue to advance our diamond drill
program in the EV Zone, environmental baseline studies and
metallurgical studies continue. This program will replicate
commercial processing and purification steps to evaluate the
performance of the La Loutre flake graphite in battery anode
applications.
Regional Graphite Exploration Program in the Grenville
Province
Lomiko has initiated helicopter-borne geophysical surveys on its
six regional graphite properties for the purpose of data
acquisition aiming to identify areas of prospective graphite
mineralization for future field follow-up. The program will cover
approximately 14,255 hectares of mineral claims, and 236 claims in
total. These new claims lie within a 100 km radius of the Company’s
flagship La Loutre graphite and were previously announced on May
16, 2022. With this work, the Company aims to identify near surface
conductors which will help guide the field work in the future and
further define the regional prospectivity for natural flake
graphite. Please refer to Figure 1 for details.
Bourier Exploration Update
In addition, at the Company’s Bourier prospect, Lomiko and
Critical Elements Lithium Corporation (Operator) have commenced the
2022 field exploration program. The field program is expected to
last four weeks. The lithium-tantalum-cesium anomalies are of
particular interest because they represent an unprecedented
discovery in the Bourier claim. This anomaly spans along a 2.5 km
long NE-trending mica-rich white pegmatites system. Structural
interpretation by GoldSpot suggest this lithium-tantalum-cesium
trend may extend to the Lemare Li showing. Please refer to Figure 2
for details.
About Lomiko Metals Inc.
Lomiko Metals has a new vision and a new strategy in new energy.
Lomiko represents a company with a 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. Lomiko is ECOLOGO certified.
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 76 minerals
claims totaling 4,528 hectares (45.3 km2). Lomiko Metals published
a Preliminary Economic Assessment (“PEA”) on September 10, 2021
which indicated the project had a 15-year mine life producing per
year 100,000 tonnes of the graphite concentrate at 95%Cg or a total
of 1.5Mt of the graphite concentrate. 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 (“QP”)
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 satisfactory
completion of due diligence and ability to reach an agreement with
third party owners in connection with projected acquisitions,
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: potential of future
acquisitions presently evaluated by the Company; current market for
critical minerals; current technological trends; the business
relationship between the Company, local communities 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.
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version on businesswire.com: https://www.businesswire.com/news/home/20220721006067/en/
For more information:
Kimberly Darlington Investor Relations, Lomiko Metals Inc.
k.darlington@lomiko.com 514-771-3398
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