Lomiko Metals provides an update on previously announced share consolidation and private placement, and investor event

In This Article:

MONTREAL, July 11, 2024--(BUSINESS WIRE)--Lomiko Metals Inc. (TSX.V: LMR) ("Lomiko Metals" or the "Company"). Further to the news release issued on June 24, 2024, the Company will be completing a consolidation of the Company’s share capital on a ten (10) old for one (1) new basis (the "Consolidation"). The Consolidation was approved by the Company by way of directors’ resolution. No shareholder approval was required for the Consolidation to come into effect. The Company’s board of directors has set July 15, 2024, as the effective date of the Consolidation and trading of the common shares on a post-Consolidation basis on the TSX Venture Exchange.

The Consolidation remains subject to the approval of the TSX Venture Exchange. The Company currently has 402,653,374 issued and outstanding common shares, and assuming no other change to the issued and outstanding common shares prior to completion of the Consolidation (including under the private placement announced on June 24, 2024 (the "Private Placement")), upon completion of the Consolidation, there will be 40,265,337 common shares issued and outstanding, subject to adjustments for rounding. The Company will not be changing its name or its trading symbol in connection with the Consolidation.

The common shares are expected to begin trading on a post-Consolidation basis effective at the opening of the market on July 15, 2024, under new Cusip No. 54163Q805, and ISIN No. CA54163Q8056.

No fractional post-Consolidation common shares will be issued upon the Consolidation. If, as a result of the Consolidation, a shareholder becomes entitled to a fractional post-Consolidation common share, such fraction will be rounded up or down, as applicable, to the nearest whole number, provided, however, that no shareholder shall hold less than a single common share as a result of the Consolidation.

Shareholders who hold their shares through a securities broker or dealer, bank or trust company will not be required to take any measures with respect to the Consolidation. The Company’s transfer agent, Olympia Trust Company, has mailed a letter of transmittal to all registered shareholders of the Company with certificated positions that will contain instructions for exchanging their pre-consolidated common shares for post-consolidated common shares. Registered shareholders will be required to return their certificates representing pre-consolidated common shares and a completed letter of transmittal to Olympia Trust Company. Any registered shareholder who submits a duly completed letter of transmittal to Olympia Trust Company, along with the share certificate representing the pre-consolidated common shares, will receive in return a newly issued share certificate or a direct registration system representing the post-consolidated common shares.