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(Vancouver) Lomiko Metals Inc. (TSXV:LMR,OTCQX:LMRMF,FSE:DH8B) announces it will be making an application to the TSX to close its 3 rd and final tranche as to $205,870. 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 $100,000.
(Vancouver) Lomiko Metals Inc. (TSXV:LMR,OTCQX:LMRMF,FSE:DH8B) announces it will be making an application to the TSX to close its 3 rd and final tranche as to $205,870. 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 $100,000.
The complete terms of the private placement is to offer up to 10,000,000 flow-through units of the Company (the “FT Units”) at a price of $0.05 per FT Unit. Each FT Unit shall consist of one flow-through common share and one share purchase warrant exercisable for 36 months at $0.075. In addition, the Company will offer 6,250,000 units of the Company (the “Units”) at a price of $0.04 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 $0.05.
The funds raised from the issuance of the FT 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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