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Lomiko Metals Inc. (TSXV:LMR,OTCQX:LMRMF,FSE:DH8B) is continuing to receive subscriptions to its private placement and will be making a third tranche filing in the next few weeks.
Lomiko Metals Inc. (TSXV:LMR,OTCQX:LMRMF,FSE:DH8B) is continuing to receive subscriptions to its private placement and will be making a third tranche filing in the next few weeks. The company closed the first tranche on June 22, 2016, for proceeds of $250,000 and a second tranche on July 19, 2016, for proceeds of $125,000.
The complete terms of the private placement is 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 6.25 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 proceeds 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 working capital.
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