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Lomiko Closes $832,507 at 20 Cents with a 3 Yr Warrant at 29 Cents, $299,920 Flow Thru at 26 Cents with a 2 Yr Warrant at 29 Cents and Expands Private Placement
August 31, 2017 9:00 AM EDT | Source: Lomiko Metals Inc.
Vancouver, British Columbia--(Newsfile Corp. - August 31, 2017) - Lomiko Metals Inc. (TSXV: LMR) (OTCQB: LMRMF) (FSE: DH8C.F) (WKN: A0Q9W7) (the "Company" or "Lomiko") announces that it is has closed $ 1,132,427, eliminated a $ 144,998.05 loan through a transfer of assets to its 40% owned subsidiary Graphene ESD and increased it's ownership of the La Loutre Graphite Property to 80%. Further, Lomiko will be proceeding with its financing and will continue to offer:
| (1) | 1,200,000 Flow-Through Units (the “FT Units”) at a price of $0.26 per FT Unit to raise $ 312,000. Each FT Unit consists of one flow-through common share and one warrant exercisable for 24 months at $0.29; and | |
| (2) | 1,000,000 Units (the “Units”) at a price of $0.20 per Unit to raise $ 200,000. Each Unit consists of one common share and one share warrant exercisable for 36 months at $0.29. | |
Flow-Through Units are only available to Canadian residents. A Finder's fee may be paid in accordance with TSX Venture policies. The proceeds will be used to complete further drilling at the La Loutre Property in the Refractory Zone in order to define a resource in compliance with 43-101 and for working capital.
La Loutre Flake Graphite Property Developments
On February 9th, 2016, Lomiko Metals and Canada Strategic announced resource for the La Loutre Flake Graphite Property of 18.4 M Tonnes of 3.19% Indicated and 16.7 M Tonnes at 3.75% Flake Graphite Inferred with a cut-off of 1.5%. The sensitivity table also features 4.1 M Tonnes of 6.5% Indicated and 6.2 Million Tonnes at 6.1% Flake Graphite Inferred with a cut-off of 3%. The results are all focused on the Graphene-Battery Zone.
The new area of mineralization appears to be 200 metres wide, have a current strike length of over 400 metres in a north-west to south east direction and is open in both directions. The table below is showing the results from infill drilling from Hole LL-16-01 to LL-16-06. A map of drill holes at the Refractory Zone which includes 2015 and 2016 results and highlights included 7.74% graphite over 135.60 metres including 16.81% graphite over 44.10 metres from hole LL-16-01, two different intersection in hole LL-16-02 reporting 17.08% graphite over 22.30 metres and 14.80% graphite over 15.10 metres and 110.80 metres of 14.56% Graphite in Hole LL-16-03.
On July 19, 2017 Lomiko announced it had completed all work and share payments requirements to earn an 80% interest in the La Loutre Flake Graphite Property. Lomiko and Canada Strategic Metals have previously signed an agreement to earn up to 100% of the La Loutre and Lac Des Iles Properties dated May 16, 2016 and amended January 3, 2017.
Graphene Developments
On July 31, 2017, Lomiko Metals Inc. announced that it has agreed to repay the outstanding loan owed to Graphene ESD Corp. of $144,998.05 plus interest of 1% annually pursuant to the Promissory Note effective November 6, 2015. Lomiko Metals' 100% owned subsidiary Lomiko Technologies has retained a 40% ownership of Graphene ESD through an agreement to transfer 1,278,790 common shares of Graphene 3D Lab Inc. ("GGG").
Electric Vehicle Market Development
On July 5, 2017 Volvo announced that all of its cars would be either electric or hybrids. On July 6, 2017 Elon Musk's Tesla also announced it would partner with French company Neoen to open another Lithium-ion Battery Plant in Australia. This will result in increased demand for high quality battery materials such as flake graphite. Li-ion batteries requires spherical graphite for the anode portion of the battery.
Financing Limitation
This news release does not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of any of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or the securities laws of any state of the United States and may not be offered or sold within the United States or to, or for the account or the benefit of, U.S. persons (as defined in Regulation S under the U.S. Securities Act) unless registered under the U.S. Securities Act and applicable state securities laws or pursuant to an exemption from such registration requirements.
For more information, review the website at www.lomiko.com, or contact A. Paul Gill at 604-729-5312 or by email at: info@lomiko.com.
ON BEHALF OF THE BOARD
LOMIKO METALS INC.
A. Paul Gill,
President and Chief Executive Officer
We seek safe harbor. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.