In an agreement dated Dec. 24, 2018, Lomiko Metals Inc. and Quebec Precious Metals Inc. have agreed to extend two option agreements for the La Loutre and Lac des Iles properties dated Feb. 6, 2015, and May 13, 2016, which allow Lomiko Metals to earn a 100-per-cent ownership interest in the La Loutre Graphite property.
Lomiko Metals completed all requirements of the first option to earn its current holding of 80 per cent. Pursuant to the amendment dated May 13, 2016, in order to earn a further 20-per-cent interest for a total of 100 per cent, the company was to issue an aggregate of five million shares (preconsolidation) (2.5 million shares on or before July 31, 2017, and 2.5 million shares on or before Dec. 31, 2018) and finance exploration expenditures of an aggregate of $1,125,000 ($250,000 by Dec. 31, 2016; $375,000 by Dec. 31, 2017; and $500,000 by Dec. 31, 2018). The parties have agreed that the deadline date for Lomiko Metals to finance exploration work of $1,125,000 be extended to Dec. 31, 2019, and Lomiko Metals shall forthwith, upon regulatory approval, issue 500,000 common shares (five million preconsolidation) shares.
We seek Safe Harbor.
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