Further to its press releases dated May 16, 2016, and Jan. 3, 2017, Lomiko Metals Inc. (LMR: CA) has received TSX Venture Exchange regulatory approval to amend its agreements dated Feb. 6, 2015, and May 13, 2016, on the La Loutre and Lac des Iles property allowing Lomiko to acquire up to 100-per-cent interest in the project from Canada Strategic Metals Inc. The two companies have now agreed that:
(i) under the February 6, 2015 agreement, the deadline date for work completion will be extended from the December 31, 2016 to June 30, 2017; and
(ii) under the May 13, 2016 agreement, eliminate the $10,000 payment required and Lomiko will instead issue 200,000 of its common shares (post-consolidation);
(iii) issue an additional 750,000 common shares (post-consolidation) and
(iv) fund exploration expenditures for an additional amount of $1,125,000.
In summary, Lomiko will:
(1) issue 200,000 common shares (post-consolidation) which will eliminate the $10,000 payment required (issued today);
(2) issue an aggregate of 750,000 common shares
(a) 250,000 shares on closing (issued today);(b) 250,000 shares by July 31, 2017; and(c) 250,000 shares by Dec 31, 2018.
(3) fund exploration expenditures of $1,250,000 as follows:
(a) $250,000 by June 30, 2017;(b) $375,000 by Dec 31, 2017; and(c) $500,000 by Dec 31, 2018.
An aggregate of 450,000 common shares of Lomiko have now been issued to Canada Strategic, having a hold period expiring September 4, 2017.
Please note that the bulletin issued by the TSX is incorrect when it states the Company will issue 20,000 common shares which will eliminate the $10,000 payment required. As stated above, the Company will issue 200,000 post-consolidated common shares.
“The Properties are located close to the Imerys Carbon and Graphite Mine and benefits from similar infrastructure advantages and similar flake graphite grade, deposit size and near surface mineralization amenable to low cost, small footprint extraction. All of these elements make this an excellent candidate for a positive Pre-Economic Assessment.”, stated A. Paul Gill, CEO, Lomiko Metals Inc., “Additional resource definition in the Refractory Zone will bolster the PEA.”
In the interest of full disclosure, we call the reader’s attention to the fact that Equities.com, Inc. is compensated by the companies profiled in the Spotlight Companies section. The purpose of these profiles is to provide awareness of these companies to investors in the micro, small-cap and growth equity community and should not in any way be considered as a recommendation to buy, sell or hold these securities. Equities.com is not a registered broker dealer, investment advisor, financial analyst, investment banker or other investment professional. We are a publisher of original and third party news and information. All profiles are based on information that is available to the public. The information contained herein should not be considered to be complete and is not guaranteed by Equities.com to be free from misstatement or errors. The views expressed are our own and not intended to be the basis for any investment decision. Readers are reminded to do their own due diligence when researching any companies mentioned on this website. Always bear in mind that investing in early-stage companies is risky and you are encouraged to only invest an amount that you can afford to lose completely without any change in your lifestyle. Equities has been compensated with cash, common shares and/or warrants for market awareness services provided.
Read Next
