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Update on Sale of Lomiko Technologies Inc. to Promethieus Technologies Inc. For $ 1,236,625
Rhea-AI Impact
(Neutral)
Rhea-AI Sentiment
(Very Positive)
Tags
Rhea-AI Summary
Lomiko Metals Inc. has announced the sale of its 100% interest in Lomiko Technologies Inc. to Promethieus Technologies for $1,236,625, along with reimbursement of $152,857 for expenses. The transaction, subject to shareholder and regulatory approval, aims to advance Lomiko’s strategy by retaining a 20% interest in Promethieus, which is set to raise $10 million via a new entity listing on the Dutch Caribbean Securities Exchange. Promethieus will also acquire an 80% stake in Graphene ESD through this deal.
Positive
Sale of Lomiko Technologies for $1,236,625 enhances cash position.
Lomiko retains a 20% interest in Promethieus Technologies, which may provide future upside.
Promethieus plans to raise $10 million, increasing financial resources for growth.
Negative
None.
VANCOUVER, British Columbia--(BUSINESS WIRE)--
Lomiko Metals Inc.(“Lomiko”) (TSX-V: LMR, OTC: LMRMF, FSE: DH8C) Lomiko Metals Inc. announced July 31, 2019 that it had entered into an agreement to sell its 100% interest in Lomiko Technologies Inc. to Promethieus Technologies Inc. (Canada) for $ 1,236,625 and will be reimbursed $152,857 expenses paid by Lomiko on behalf of Promethieus Technologies Inc. Lomiko Technologies holding include 18.5% of SHD Smart Home Devices which has recently been awarded a patent for its IoT HUB Device June 26, 2021 and 40% of Graphene ESD Inc.
On November 25, 2019 Lomiko provided shareholders with an update to the transaction and on December 3, 2019, confirmed that shareholders had overwhelmingly approved the transaction at the November 29, 2019 Annual Special General Meeting.
Promethieus Extension 2021
Subsequent to news releases issued by Lomiko on July 31, 2019, Dec. 3, 2019, and Aug. 6, 2020, Lomiko confirmed its has entered into and extended its sale agreement of Lomiko Technologies to Promethieus Technologies as of October 4, 2021 to November 30, 2022. Upon completion of the sale, Lomiko Metals will receive $1,236,625 and $152,857 in expenses paid on behalf of Promethieus by Lomiko Metals. Lomiko will retain a 20-per-cent interest in Promethieus Technologies, which will be exchanged for 20-per-cent equity in a new to be formed entity Promethieus Ventures NV, which is in the process of listing on the Dutch Caribbean Securities Exchange (DCSX) with the intention of raising $10-million (U.S.). As the transaction has not completed, at the upcoming Nov. 26, 2021, annual and special meeting (AGM) of Lomiko shareholders, a resolution will be put forward to confirm the approval of the transaction of arm's-length shareholders.
The transaction was subject to (1) shareholder approval; (2) Promethieus completing a financing; and (3) regulatory approval. The transaction was considered a non-arms length transaction as Mr. A. Paul Gill is a Director of all the entities involved.
Promethieus Buys 40% of Graphene ESD
Promethieus Technologies has informed Lomiko that it has entered into an agreement to purchase 40% of Graphene ESD for $ 10,000 USD. Therefore, upon completion of the Lomiko Technologies purchase, Promethieus will own 80% interest in Graphene ESD.
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.
