Lomiko Metals Inc. (LMR:CA) has received conditional approval from the TSX Venture Exchange and will close an issue of 3,171,500 units at 14 cents for gross proceeds of $444,010. Each unit will be composed of one common share and one share purchase warrant, with each whole warrant exercisable into one common share at a price of 20 cents for a period of one year from closing.
All securities will be subject to a four-month-plus-one-day hold period from the closing.
Proceeds of the private placement will be used to complete further drilling at the La Loutre property in the Refractory zone to define a resource in compliance with National Instrument 43-101 and for working capital.
A. Paul Gill, a director and officer of the company, has participated for 500,000 units, and AJS Management Corp., a company controlled by Mr. Gill, participated for 340,000 units.
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