The Conversation (0)
Lomiko Metals (CVE:LMR) reports that it has signed an agreement providing for an Equity Line Facility with Dutchess Opportunity Cayman Fund Ltd.
The press release is quoted as saying:
According to the agreement, the company may draw on the commitment by providing draw down notices to Dutchess. Each draw down notice is subject to a maximum amount, as well as a minimum price, below which the company will not issue shares to Dutchess. Subject to the applicable minimum price, the common shares will be issued at a predetermined discount of 5% to the prevailing 5 day average share price.
Lomiko Metals’ CEO, A. Paul Gill says:
“This significant financing arrangement gives Lomiko the ability to compete for larger projects and access capital for development of those projects quickly after any discovery.” “The ELF is a well-designed tool for growth oriented companies with liquidity.”
Click here to access the entire press release.
LMR:CA