Lomiko Metals Inc. (TSXV:LMR, OTCQX:LMRMF, FSE:DH8B) announces Promethieus Cryptocurrency Mining Corp. has changed its name to Promethieus Technologies (“Promethieus”) and is preparing to complete its IPO as announced April 6, 2018.
Lomiko Metals Inc. (TSXV:LMR, OTCQX:LMRMF, FSE:DH8B) announces Promethieus Cryptocurrency Mining Corp. has changed its name to Promethieus Technologies (“Promethieus”) and is preparing to complete its IPO as announced April 6, 2018. Promethieus Technologies PLC (UK) was formed August 1, 2018 in order to facilitate the IPO. At this time, the UK company is concluding negotiations with a European brokerage firm and a European Exchange.
The company has also changed to a Future Tech focus as it has identified investment opportunities in electric vehicle infrastructure, clean energy, the Internet of Things (IoT), Blockchain and also hopes to support companies developing new materials needed to make these technologies possible. The importance of energy materials such as graphene, vanadium, lithium, cobalt and graphite to energy production, grid storage methods and mobile energy storage has already been identified by power and energy utilities worldwide. In addition, the new opportunities in data storage and secure transactions are made possible by blockchain. IoT is also a massive trend that will introduce new smart devices to our homes and offices. Promethieus aims to seek and fund start-ups in these areas.
“The recent announcements of closures by General Motors of manufacturing capacity in Ontario and the low price of oil affecting employment in Alberta are only the start of significant long-term economic changes. Business, government and utilities have not prepared for this ‘tidal wave’ of change. Further, most investors have not understood the opportunity, but we have been researching Future Tech since 2012.” Stated A. Paul Gill, CEO of Lomiko and VP Business Development of Promethieus Technologies.
The Boards of Promethieus and Lomiko have agreed that Promethieus will repay Lomiko Metals $ 200,000 when funded and that Lomiko’s 20% ownership holding would not be diluted by the IPO. Mr. Gill, currently a 42% holder of Promethieus in order to facilitate the transaction, has acted as a Founding Director of Promethieus on behalf of Lomiko Metals as a ‘natural person’ is required as Founding Director. Upon completion of the IPO, Mr. Gill will be able to transfer a portion of his shares to Lomiko to ensure the 20% threshold is maintained after any financings.
On Behalf of the Board
Director, Chief Financial Officer
We seek safe harbor.
Neither 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 release.
A. Paul Gill