VANCOUVER, British Columbia & MONTREAL--(BUSINESS WIRE)--In an agreement dated December 24th, 2018, Lomiko Metals Inc. (“Lomiko”) (TSX-V: LMR, OTCQB: LMRMF, FSE: DH8B) and Quebec Precious Metals Inc. (“QPM”) (TSX.V: CJC) have agreed to extend two options agreements for the La Loutre and Lac des Iles Properties dated February 6, 2015 and May 13, 2016 (the “Agreements”) which allow Lomiko to earn 100% ownership of the La Loutre Graphite property.
Lomiko completed all requirements of the first option to earn its current holding of 80%. Pursuant to the amendment dated May 13, 2016, in order to earn a further 20% interest for a total of 100%, the Company was to issue an aggregate of 5,000,000 shares (pre-consolidation) (2,500,000 on or before July 31, 2017 and 2,500,000 on or before December 31, 2018) and fund exploration expenditures of an aggregate of $1,125,000 ($250,000 by December 31, 2016; $375,000 by December 31, 2017 and $500,000 by December 31, 2018). The parties have agreed that the deadline date for the Company to fund exploration work of $1,125,000 be extended to December 31, 2019 and the Company shall forthwith, upon regulatory approval, issue 500,000 common shares (5,000,000 pre-consolidation) shares.
On Behalf of the Board,
“A. Paul Gill”
Chief Executive Officer
We seek safe harbor. 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.