Lomiko Metals Inc. announced July 31, 2019 that it had entered into an agreement to sell it’s 100% interest in Lomiko Technologies Inc.
Lomiko Metals Inc. (“Lomiko”) (TSXV:LMR, OTC:LMRMF, FSE:DH8C) announced July 31, 2019 that it had entered into an agreement to sell it’s 100% interest in Lomiko Technologies Inc. to Promethieus Technologies Inc. (Canada) for $ 1,236,625 and will be reimbursed $ 193,614.32 in expenses paid by Lomiko Metals on behalf of Promethieus Technologies Inc.
On November 25, 2019 Lomiko Metals Inc. provided shareholders with an update to the transaction and on December 3, 2019, confirmed that shareholders had overwhelmingly approved the transaction at the November 29, 2019 Annual Special General Meeting.
The transaction was subject to (1) shareholder approval; (2) Promethieus completing a financing; and (3) regulatory approval. The transaction was considered a non-arms length transaction as Mr. A. Paul Gill is a Director of all the entities involved.
In regards to item 2 above, Promethieus has advised Lomiko that it is in the process of an application for listing on a European Union recognized stock exchange. The process of listing includes a rigorous examination of the listing application and has taken longer than expected. In recognition of this progress, both Lomiko and Promethieus have agreed to extend the deadline for the completion of the transaction to June 30, 2020 to allow the transaction to complete.
On Behalf of the Board
We seek safe harbor.
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