InvestmentPitch Media Video Features Lomiko Metals’ Raising of up to $2.6 Million in Regular and Flow-Through Units to Advance its Graphite and Lithium Projects in Quebec
June 30 2023 - 6:00AM
Lomiko Metals (TSXV:LMR) (OTCQB:LMRMF) (FSE:DH8C), focused on
critical minerals in Quebec, recently announced two non-brokered
private placements. The company plans to raise up to $2.1 million
from the placement of up to 70 million regular units priced at
$0.03 per unit, with each unit consisting of one share and one
warrant, with the warrant exercisable at $0.05 for 60 months. The
company also plans to raise up to $500,000 from the placement of up
to 12,500,000 flow-through units priced at $0.04 per unit, with
each unit consisting of one share and one warrant, with the warrant
exercisable at $0.06 for 24 months. The shares are trading at
$0.025.
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Belinda Labatte, CEO, stated: “Lomiko has
accomplished many milestones in the last 18 months, and with this
financing, it is looking to advance several pre-feasibility level
initiatives within its portfolio of projects. In addition, we are
pleased that the Company was selected to participate in the
Canada-UK Trade mission from June 25 to 30 to develop new
connections with potential partners. Chief Operating Officer
Gordana Slepcev will be attending. Also, as Lomiko Metals wishes to
work with the universities of Quebec on projects and programs
focused on energy transition, we are delighted to participate in
the study “Tracing the geological processes controlling the
formation of high-grade graphite deposits in the Grenville Province
of Central and Western Quebec.” This study is to last 36 months in
partnership with the Department of Geology and Geological
Engineering of Laval University and the Center Eau Terre
Environnement of the National Institute for Scientific Research
(INRS).”
Net proceeds from the regular offering will be
used on the graphite and lithium properties in addition to general
working capital requirements. The company’s main project is its
advanced stage La Loutre Graphite Project, located 180 kilometres
northwest of Montreal. The company has another seven early-stage
graphite properties in southern Quebec.
La Loutre consists of one large, continuous block
with 76 mineral claims totalling 4,528 hectares, is underlain by
rocks belonging to the Grenville Province of the Precambrian
Canadian Shield. The Grenville was formed under conditions that
were very favourable for the development of coarse-grained,
flake-type graphite mineralization from organic-rich material
during high-temperature metamorphism.
In April, 2023, Lomiko published an Updated
Mineral Resource Estimate (MRE) which estimated 64.7 million tonnes
of Indicated Mineral Resources averaging 4.59% Cg per tonne for 3.0
million tonnes of graphite, a tonnage increase of 184%. Indicated
Mineral Resources increased by 41.5 million tonnes as a result of
the 2022 drilling campaign, from 17.5 million tonnes in 2021.
Pre-feasibility metallurgical test work achieved
excellent results and demonstrated that an optimized flotation
plant flow sheet can achieve 94.7% graphite recovery and average
98.7% graphitic carbon purity. The larger flakes are mostly used in
the higher value industrial applications, with the -100 mesh most
commonly used in battery production.
The funding will continue the metallurgical
testing, value-added testing, and battery trials.
Net proceeds from the flow-through offering will
be used at the recently acquired Carmin Graphite project, the
Laurentides regional graphite exploration program and the Bourier
Lithium property exploration program.
The Carmin natural flake graphite property,
adjacent to La Loutre, has historical mineral resources of in-situ
graphite.
Within its exploration portfolio, the company has
an exploration proposal to explore further its Bourier lithium
property located on the prolific Nemaska lithium belt, to obtain
its 49% ownership position with Critical Elements. The property,
which covers 203 claims for a total ground position of 10,252
hectares, boasts other lithium deposits and known lithium
mineralization. Analytical results from 2021 field work featured
high-grade values for zinc and tungsten and anomalies in
lithium-tantalum-cesium and gold. A total of 15 high to moderate
prospective lithium targets were identified.
For more information, please visit the company’s
website: www.lomiko.com, contact Belinda Labatte, CEO, at
647-402-8379 or by email at info@lomiko.com.
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