InvestmentPitch Media Video Features Lomiko Metals’ Raising of up to $2.6 Million in Regular and Flow-Through Units to Advance its Graphite and Lithium Projects in Quebec

VANCOUVER, British Columbia, June 30, 2023 (GLOBE NEWSWIRE) -- Lomiko Metals (TSXV:LMR) (OTCQB:LMRMF) (FSE:DH8C), focused on critical minerals in Quebec, recently announced two non-brokered private placements. The company plans to raise up to $2.1 million from the placement of up to 70 million regular units priced at $0.03 per unit, with each unit consisting of one share and one warrant, with the warrant exercisable at $0.05 for 60 months. The company also plans to raise up to $500,000 from the placement of up to 12,500,000 flow-through units priced at $0.04 per unit, with each unit consisting of one share and one warrant, with the warrant exercisable at $0.06 for 24 months. The shares are trading at $0.025.

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Belinda Labatte, CEO, stated: “Lomiko has accomplished many milestones in the last 18 months, and with this financing, it is looking to advance several pre-feasibility level initiatives within its portfolio of projects. In addition, we are pleased that the Company was selected to participate in the Canada-UK Trade mission from June 25 to 30 to develop new connections with potential partners. Chief Operating Officer Gordana Slepcev will be attending. Also, as Lomiko Metals wishes to work with the universities of Quebec on projects and programs focused on energy transition, we are delighted to participate in the study “Tracing the geological processes controlling the formation of high-grade graphite deposits in the Grenville Province of Central and Western Quebec.” This study is to last 36 months in partnership with the Department of Geology and Geological Engineering of Laval University and the Center Eau Terre Environnement of the National Institute for Scientific Research (INRS).”

Net proceeds from the regular offering will be used on the graphite and lithium properties in addition to general working capital requirements. The company’s main project is its advanced stage La Loutre Graphite Project, located 180 kilometres northwest of Montreal. The company has another seven early-stage graphite properties in southern Quebec.