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Update on Acquisition of 100% Interest in La Loutre and Lac Des Îles Flake Graphite Properties and Brokered Private Placement

Nachrichtenquelle: Business Wire (engl.)
16.09.2019, 16:30  |  254   |   |   

Lomiko Metals Inc. (“Lomiko”) (TSX-V: LMR, OTC: LMRMF, FSE: DH8C) and Quebec Precious Metals (“QPM”) (TSX.V: CJC) announces that further to the Company’s press release dated December 31, 2018, the Company wishes to update shareholders regarding its option to earn a 100% of the La Loutre Flake and Lac des Îles Flake Graphite Properties, Quebec (the “Properties”). The Company has completed its initial option and has earned its 80% interest in the Properties.

Pursuant to an agreement dated December 22, 2018, the Company and Quebec Precious Metals Inc. (“QPM”) (previously known as Canada Strategic Metals Inc.) agreed to extend two options agreements relating to the Properties which allow the Company to earn a 100% ownership. Pursuant to an amendment dated May 13, 2016, in order to earn a further 20% interest for a total of 100%, the Company was to issue an aggregate of 5,000,000 shares (pre-consolidation) (2,500,000 on or before July 31, 2017 and 2,500,000 on or before December 31, 2018) and fund exploration expenditures of an aggregate of $1,125,000 ($250,000 by December 31, 2016; $375,000 by December 31, 2017 and $500,000 by December 31, 2018). The parties agreed to extend the deadline date for the Company to fund exploration work of $1,125,000 to December 31, 2019 and the Company shall forthwith, upon regulatory approval, issue 500,000 common shares (5,000,000 pre-consolidation) shares. In order to close the transaction, the Company must have adequate funds available and the transaction is subject to the approval of the TSX Venture Exchange. The transaction is arm’s length.

Further to the press release dated August 20, 2019, announcing the engagement of Leede Jones Gable Inc. (the "Agent") as lead agent on a commercially reasonable agency basis to undertake a brokered private placement (the “Offering”) of a combination of Units (as hereinafter defined) and FT Shares (as hereinafter defined) for gross proceeds of up to $2,750,000, the Company discloses that it will be relying on certain prospectus exemptions including but not limited to, the Existing Security Holder Exemption and BC Instrument 45-536 Exemption from prospectus requirement for certain distributions through an investment dealer. An exemption where the purchaser has obtained advice regarding suitability from a person registered as an investment dealer.

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