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Lomiko Metals Inc. (LMR) has announced the closing of its flow-through unit offering and the first tranche of its hard dollar private placement.
Flow-Through Unit Offering
The company will issue 1,463,415 flow-through units at $0.41 per unit for a total of $600,000. Each unit consists of one common share and one-half common share purchase warrant, exercisable at $0.52 for 36 months. Upon closing, subject to TSX Venture Exchange approval, finders’ fees totalling $30,000 and 73,171 warrants will be paid, exercisable for two years at $0.41.
Private Placement
Lomiko Metals will also close the first tranche of its private placement, issuing 1,242,172 units at $0.35 per unit for gross proceeds of $434,760. Each unit includes one common share and one common share purchase warrant, exercisable at $0.52 for 36 months. Finders’ fees of $1,155 and 3,300 warrants will be issued, exercisable for two years at $0.35.
Project Information
Lomiko Metals holds mineral interests in the La Loutre graphite development in southern Quebec, within the Kitigan Zibi Anishinabeg First Nation’s territory. The La Loutre project site is located 180 km northwest of Montreal, consisting of 76 mineral claims covering 4,528 hectares. The site features flake-type graphite mineralization.
The updated Mineral Resource Estimate (MRE) from April 2023 indicates 64.7 million tonnes of Indicated Mineral Resources averaging 4.59% Cg per tonne for 3.0 million tonnes of graphite. The company’s drilling campaign in 2022 significantly increased these figures.
Lomiko Metals has also earned a 49% stake in the Bourier Project from Critical Elements Lithium Corporation. Located near Nemaska Lithium in Quebec’s lithium triangle, the Bourier project covers 203 claims across 10,252.20 hectares.
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