Lomiko Metals (TSX: V.LMR, Stock Forum) considerably increased its equity in Graphene 3D Lab (TSX: V.GGG, Stock Forum) when the company announced today that it had received approval from the TSX Venture Exchange for the acquisition of 1.2 million common shares of MatNic Resources at $0.25 per share. The acquisition was subject to regulatory approval of MatNic's reverse takeover by Graphene 3D.
According to the news release, as a result of the transaction, the company how holds 4.4 million common shares in the capital of Graphene 3D, approximately 11.23% of the outstanding shares in Graphene 3D.
The deal puts 3.2 million of these shares under the terms of a Tier 2 Surplus Escrow Agreement where 5% of the shares will be released from escrow upon issuance of the TSX Venture Exchange bulletin announcing final approval of the listing of the shares with 5%, 10%, 10%, 15%, 15%, 40% being released each at six months, 12 months, 18 months, 24 months, 30 months and 36 months respectively from the date of the TSX Venture Exchange bulletin.
The transaction was carried out for investment purposes and the company does not intend to make any further acquisitions of Graphene 3D.
Lomiko Metals was in the news recently when the Vancouver-based company announced it would adopt a shareholder rights plan at the upcoming October 30, 2014 AGM.
Currently there are 136.6m outstanding shares with a market cap of $8.9 million.