​Lomiko Metals closes first tranche of financing

Spotlight News  |

Lomiko Metals Inc.  (LMR:CA) (LMRMF) ()has closed the first tranche of its private placement announced Sept. 26, 2018, and will issue 5,061,038 units at five cents per unit. Each unit will comprise one share and one share purchase warrant, with each warrant exercisable at a price of 10 cents for a period of two years from closing. A finder's fee of cash 7 per cent ($11,413.63) and 7 per cent in warrants (228,272) exercisable for two years at six cents has been agreed to be paid/issued.

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.

Due to overwhelming demand, the company may increase this financing if required.

The securities will have a hold period expiring Feb. 4, 2019. The closing of the transaction, the issuance of the securities and the payment of the finder's fee is subject to the final approval of the TSX Venture Exchange.

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Symbol Name Price Change % Volume
LMR:CA Lomiko Metals Inc. 0.08 0.01 7.14 12,850
LMRMF Lomiko Metals Inc Ord 0.05 -0.00 -7.75 1,150



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