09:02 AM EDT, 10/07/2025 (MT Newswires) -- Lomiko Metals ( LMRMF ) , near 52 week lows, overnight Monday said it will apply to the TSX Venture Exchange (TSXV) for approval to close the first tranche of the hard dollar financing for total proceeds of $650,000.

The company expects to issue 6.5 million common shares at $0.10, along with a half warrant exercisable for three years at $0.15.

A statement noted that completion of the financing and issuance of the securities remains subject to receipt of all necessary regulatory approvals, including approval from the TSXV.

The company plans to use the proceeds from the hard dollar financing to continue the engineering phase of the prefeasibility study for the La Loutre graphite project, including progress with bulk sample and anode piloting at the La Loutre project, as well as for general working capital purposes.

"We are pleased to close the first tranche of the private placement and deploy the funds raised to develop and engineer La Loutre natural flake graphite project to meet the best industry standards," said Lomiko Metals' ( LMRMF ) chief executive officer, president, and director, Gordana Slepcev. "The gross proceeds of the offering will be allocated to the pre-feasibility study completion, baseline studies, consultations, and Company working capital."