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  • Lomiko Metals (LMR) has announced a non-brokered private placement for gross proceeds of $1,636,000
  • The company will issue 20,450,000 units at a price of $0.08 per unit
  • Proceeds will help fund studies to advance the La Loutre graphite project
  • Lomiko Metals is a Canada-based mineral exploration company
  • Miko Metals Inc. (LMR) is unchanged, trading at C$0.09 per share at 12:15 pm EST

Lomiko Metals (LMR) has announced a non-brokered private placement for gross proceeds of $1,636,000.

The company will issue 20,450,000 units at a price of $0.08 per unit. Each unit will consist of one common share and one share purchase warrant. Warrants will be exercisable for one additional share at a price of $0.11 for a period of five years.

Proceeds of the private placement will be used for working capital.

Ms. Belinda Labatte, CEO and Director commented on the offering.

“We are pleased to secure this funding in addition to the $2.1M flow-through financing announced on December 23, 2021. Lomiko will move forward with studies to advance the La Loutre graphite project, including an infill drilling program to increase the knowledge and quality of its current mineral resource, metallurgical testing, and environmental baseline studies. The company will move forward diligently and looks forward to working with its consultants, contractors, suppliers, service providers, and community members in Quebec to advance the work at its wholly-owned La Loutre property in Quebec.”

All securities issued will be subject to a four-month statutory hold period.

Lomiko Metals is a Canada-based mineral exploration company.

Lomiko Metals Inc. (LMR) is unchanged, trading at C$0.09 per share at 12:15 pm EST.

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