Lomiko CEO Paul Gill on Quebec graphite property option agreement
Lomiko Metals Inc TSXV:LMR announced an agreement to acquire a 100% interest in the Quatre Milles Graphite Property in southwest Quebec. Under the agreement Lomiko will make the following payments and share issues to Zimtu Capital Corp TSXV:ZC and one of its prospecting partners: $25,000 on signing, one million shares on TSXV acceptance of the agreement, $25,000 and 500,000 shares six months later, one million shares six months after that and 1.5 million shares one year later. Within a year of TSXV acceptance, Lomiko will complete $200,000 of exploration on the property. The vendors will retain a 2% NSR on the property, of which 1% can be purchased for $1 million.
Lomiko CEO Paul Gill tells ResourceClips.com, “It’s not an entirely new direction for our company because we’ve already been in the sector for minerals used in lithium-ion batteries, and this is just a new angle to that industry. So we’re looking for new opportunities. We’re also looking at vanadium, cobalt and rare earths. The valuation on this particular project, the location and the ability to move it forward quickly were there, and that’s what shareholders and directors are looking for.
Read the rest of this article. |
