Lomiko Metals Inc. (LMR:CA)(LMRMF) will raise $186,558 through the sale of 1,865,580 units at 10 cents per unit. Each unit will consist of one common share and one-half purchase warrant, with each whole warrant exercisable into one common share at a price of 20 cents for a period of one year from the closing date.
All securities will be subject to a four-month-plus-one-day hold period from the closing. A finder’s fee may be paid in accordance with the policies.
Proceeds will be used to complete further exploratory work at the La Loutre property in the refractory zone in order to define a resource in compliance with National Instrument 43-101 and for working capital.
The issuance of the securities is subject to the final approval of the TSX Venture Exchange.
Loan update
Further to the company’s press release dated April 26, 2018, the company advises that it will not be proceeding with the $5-million convertible loan. The company will continue with discussions with various potential partners for the financing of La Loutre exploration and pre-economic assessment.
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