Lomiko Metals Inc. (Lomiko) (TSX-V: LMR, OTC: LMRMF, FSE: DH8C) announces it will raise $300,000 through the sale of 6,000,000 units at $0.05 per unit. Each unit will be comprised of one share and one share purchase warrant, with each warrant exercisable into one share at a price of $0.10 for a period of two years from closing date. A finders fee may be paid in accordance with the policies of the TSX Venture Exchange.
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 43-101, and for working capital.
All securities will be subject to a four-month plus one day hold period from the closing.
The issuance of the securities is subject to the final approval of the TSX Venture Exchange.
The Company also wishes to amend the terms of its 382,500 outstanding options granted to directors and consultants of the Company which were granted between 01-2014 and 09-2014, from $1.00 (post 1:10 rollback) to $0.05. All other terms remain the same. The amendments to the options are subject of regulatory approval, and shareholders approval for those granted to the Insiders of the Company. The Company will obtain shareholder approval at the next annual general meeting schedule for October 31, 2018.
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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.