Lomiko Metals raises C$500,000 in private placement

Lomiko Metals Inc. (TSX.V: LMR) completed a private placement raising C$500,000 through the issuance of 5 million units at C$0.10 per unit, according to a company statement.

Each unit consists of one common share and one-half warrant. Each whole warrant allows the holder to purchase one common share at C$0.15 for three years following the closing.

The company plans to use proceeds for general working capital, advancement of its La Loutre natural flake graphite project, and regional graphite exploration.

Company insiders subscribed for 1.4 million units, constituting a related party transaction under Multilateral Instrument 61-101. The transaction is exempt from formal valuation and minority shareholder approval requirements as neither the fair market value nor consideration exceeds 25% of the company's market capitalization.

All securities issued are subject to a hold period expiring four months and one day from closing. The offering remains subject to final acceptance by the TSX Venture Exchange.

Lomiko Metals holds mineral interests in the La Loutre graphite development in southern Quebec, located 180 kilometers northwest of Montreal. The property consists of 76 mineral claims totaling 4,528 hectares within Kitigan Zibi Anishinabeg First Nation territory.

The company also holds interests in seven early-stage projects in southern Quebec covering 328 claims over 18,622 hectares, and has optioned the Yellow Fox Property in Newfoundland for precious metals, antimony, and rare earth elements exploration.

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