TSX Venture Approves Lomiko Terms for 100% Acquisition of the La Loutre Flake Graphite Project from Canada Strategic Metals
Vancouver, May 3, 2017 - Lomiko Metals Inc. (TSXV: LMR) (OTCQB: LMRMF) (FSE: DH8B) ("Lomiko") and Canada Strategic Metals Inc. (TSXV: CJC) (FSE: YXEN) (OTC Pink: CJCFF) ("Canada Strategic") are pleased to announce further to its press releases dated May 16, 2016 and January 3, 2017, Lomiko has received TSX Venture Exchange regulatory approval to amend its agreements dated February 6, 2015 and May 13, 2016 on the La Loutre and Lac des Iles Property allowing Lomiko to acquire up to 100% interest in the project. The two companies have now agreed that, (i) under the February 6, 2015 agreement, the deadline date for work completion will be extended from the December 31, 2016 to June 30, 2017; and
(ii) under the May 13, 2016 agreement, eliminate the $10,000 payment required and Lomiko will instead issue 200,000 of its common shares (post-consolidation);
(iii) issue an additional 750,000 common shares (post-consolidation) and
(iv) fund exploration expenditures for an additional amount of $1,125,000.
In summary, Lomiko will:
(1) issue 200,000 common shares (post-consolidation) which will eliminate the $10,000 payment required (issued today);
(2) issue an aggregate of 750,000 common shares
(a) 250,000 shares on closing (issued today);
(b) 250,000 shares by July 31, 2017; and
(c) 250,000 shares by Dec 31, 2018.
(3) fund exploration expenditures of $1,250,000 as follows:
(a) $250,000 by June 30, 2017;
(b) $375,000 by Dec 31, 2017; and
(c) $500,000 by Dec 31, 2018.
An aggregate of 450,000 common shares of Lomiko have now been issued to Canada Strategic, having a hold period expiring September 4, 2017.
Please note that the bulletin issued by the TSX is incorrect when it states the Company will issue 20,000 common shares which will eliminate the $10,000 payment required. As stated above, the Company will issue 200,000 post-consolidated common shares.
"The Properties are located close to the Imerys Carbon and Graphite Mine and benefits from similar infrastructure advantages and similar flake graphite grade, deposit size and near surface mineralization amenable to low cost, small footprint extraction. All of these elements make this an excellent candidate for a positive Pre-Economic Assessment.", stated A. Paul Gill, CEO, Lomiko Metals Inc., "Additional resource definition in the Refractory Zone will bolster the PEA."
For more information on Lomiko Metals Inc., review the website at www.lomiko.com, contact A. Paul Gill at 604-729-5312 or email: info@lomiko.com.
ON BEHALF OF THE BOARD
A. Paul Gill, Chief Executive Officer and Director
Disclaimer for Forward-Looking Information:
Certain statements in this release are forward-looking statements which reflect the expectations of management. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Such statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements. No assurance can be given that any of the events anticipated by the forward-looking statements will occur or, if they do occur, what benefits the Company will obtain from them. These forward-looking statements reflect management's current views and are based on certain expectations, estimates and assumptions which may prove to be incorrect.
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.