Lomiko Metals Announces Another Private Placement

Lomiko Metals Inc. (TSXV:LMR,OTCQX:LMRMF,FSE:DH8B) has arranged a private placement to offer up to 10 million flow-through units of the company at a price of five cents per flow-through unit. Each flow-through unit shall consist of one flow-through common share and one share purchase warrant exercisable for 36 months at 7.5 cents. In addition, the company will offer 3.75 million units of the company at a price of four cents per unit; each unit shall consist of one common share of the company and one share purchase warrant exercisable for a period of 18 months from closing at an exercise price of five cents. The company will be making an application to the TSX Venture Exchange for a waiver to the unit portion of the private-placement price as the proposed subscription price is below the minimum allowed pursuant to the rules.
The funds raised from the issuance of the flow-through units shall be used for general exploration and/or development expenditures, which will qualify as expenses under paragraph 66 (12.66) (b) of the Income Tax Act (Canada) on the company’s property located in Quebec. The proceeds of the unit financing will primarily be used to repay outstanding loans and for working capital.
Connect with Lomiko Metals Inc. (TSXV:LMR,OTCQX:LMRMF,FSE:DH8B) to receive an Investor Presentation.