Lomiko Metals Announces Closing of Private Placement for Gross Proceeds of C$500,000

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MONTREAL — Lomiko Metals Inc. (TSX.V: LMR) (“Lomiko Metals” or the “Company”) is pleased to announce closing of the private placement (the “Offering”) for aggregate gross proceeds of C$500,000 through the issuance of 5,000,000 units of the Company (each, a “Unit”) at a price of C$0.10 per Unit. Each Unit consists of one common share of the Company and one-half common share purchase warrant, with each whole warrant entitling the holder to acquire one common share of the Company at a price of C$0.15 per share for a period of three years following the closing of the Offering (the “Closing”).

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The Company intends to use the proceeds of the Offering for general working capital purposes, the advancement of the La Loutre natural flake graphite project (the “Project”), and for regional graphite exploration.

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All securities issued shall be subject to a hold period expiring four months and one day from the Closing. The Offering remains subject to final acceptance of the TSX Venture Exchange.

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The insiders of the Company subscribed for a total of 1,400,000 Units. As such, this participation constitutes a “related party transaction” as defined under Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions (“MI 61-101”). Such participation is exempt from the formal valuation and minority shareholder approval requirements of MI 61-101, as neither the fair market value of the Units acquired by the insider nor the consideration for the Units paid by such insider exceeds 25% of the Company’s market capitalization.

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The Company did not file a material change report 21 days prior to the closing date of this private placement, as details of the respective participation of such insiders in the financing were unknown at such time.

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About Lomiko Metals Inc.

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The Company holds mineral interests in its advanced La Loutre graphite development in southern Quebec. The La Loutre project site is within the Kitigan Zibi Anishinabeg (KZA) First Nation’s territory, which is situated within the Outaouais and Laurentides regions. Located 180 kilometers northwest of Montreal, the property consists of one large, continuous block with 76 mineral claims totaling 4,528 hectares (45.3 km2).

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The Company also holds an interest in seven early-stage projects in southern Quebec, including Ruisseau, Tremblant, Meloche, Boyd, Dieppe, North Low, and Carmin, covering 328 claims over 18,622 hectares in the Laurentian region of Quebec and within KZA territory.

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The Company has optioned an early-stage property prospect in the precious metals, antimony, and REES. The Yellow Fox Property is located approximately 10 km southwest of the Town of Glenwood, NL, and south of the Trans-Canada Highway.

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On behalf of the Board,
Gordana Slepcev
CEO & President and Director, Lomiko Metals Inc.

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For more information on Lomiko Metals, review the website at www.lomiko.com.

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Cautionary Note Regarding Forward-Looking Information

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This news release contains “forward-looking information” within the meaning of the applicable Canadian securities legislation that is based on expectations, estimates, projections and interpretations as at the date of this news release. The information in this news release about the Company; and any other information herein that is not a historical fact may be “forward-looking information” (“FLI”). All statements, other than statements of historical fact, are FLI and can be identified by the use of statements that include words such as “anticipates”, “plans”, “continues”, “estimates”, “expects”, “may”, “will”, “projects”, “predicts”, “proposes”, “potential”, “target”, “implement”, “scheduled”, “intends”, “could”, “might”, “should”, “believe” and similar words or expressions. FLI in this news release includes, but is not limited to: the total gross proceeds of the Offering, the use of proceeds of the Offering, the timing and successful completion of the Offering; the Company’s ability to successfully fund, or remain fully funded for the implementation of its business strategy and for exploration of any of its projects (including from the capital markets); and the expected timing of announcements in this regard. FLI involves known and unknown risks, assumptions, and other factors that may cause actual results or performance to differ materially.

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The FLI in this news release reflects the Company’s current views about future events, and while considered reasonable by the Company at this time, are inherently subject to significant uncertainties and contingencies. Accordingly, there can be no certainty that they will accurately reflect actual results. Assumptions upon which such FLI is based include, without limitation: the Company’s ability to implement its overall business strategy and to fund, explore, advance and develop each of its projects, including results therefrom and timing thereof, the intended use of the gross proceeds of the Offering and the decision of the Company to reallocate a portion of the gross proceeds of the Offering for sound business reasons, the impact of increasing competition in the mineral exploration business, including the Company’s competitive position in the industry, and general economic conditions, including in relation to currency controls and interest rate fluctuations.

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The FLI contained in this news release are expressly qualified in their entirety by this cautionary statement, the “Forward-Looking Statements” section contained in the Company’s most recent management’s discussion and analysis (MD&A), which is available on SEDAR+ at www.sedarplus.ca. All FLI in this news release are made as of the date of this news release. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on such forward-looking information. The Company does not undertake to update or revise any forward-looking information contained herein to reflect new events or circumstances, except as may be required by applicable securities laws.

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Neither the 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 news release.

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