09:10 AM EDT, 04/02/2025 (MT Newswires) -- Lomiko Metals ( LMRMF ) said Wednesday that it is raising up to $1 million in a private placement of units.

The company plans to use the proceeds to advance the La Loutre graphite project in Quebec, explore the Yellow Fox property in Newfoundland, for regional graphite exploration, and for general working capital purposes.

The offering comprises 4.4 million units at $0.135 apiece for proceeds of up to $600,000. Each unit will consist of one share and one warrant exercisable for three years at $0.20 per share. The financing also includes up to 2.4 million flow-through units at $0.17 apiece for up to $400,000 in proceeds. Each flow-through unit will comprise one share and one half of a warrant. Each whole warrant can be exercised at $0.20 per share for two years.

Lomiko's share price gained 3.6% on Tuesday to $0.145 on the TSXV.