Lomiko Metals calls off financing to Graphene Labs

Sep 27, 2013

LOMIKO PROVIDES UPDATE ON STRATEGIC ALLIANCE WITH GRAPHENE LABS

Lomiko Metals Inc. announced on Feb. 12, 2013, that it had entered into an alliance with Graphene Laboratories Inc. The alliance is focused on developing a vertically integrated supply chain for large-scale graphene production; key factors to success will include a secure supply of high-quality graphite, cost-effective and scalable processing, and high quality control.

The alliance provided Lomiko with an exclusive opportunity to participate in graphene lab projects such as the supercapacitor project in collaboration with the SUNY Research Foundation at Stony Brook University, which umbrellas the Advanced Energy Research and Technology Center (AERTC), and the Center for Advanced Technology in Diagnostic Tools and Sensor Systems (Sensor CAT).

These efforts have produced success as indicated by the recent announcement that graphite samples from Lomiko’s Quatre Milles property were converted to graphene oxide (GO) and reduced graphene oxide (RGO), similar to materials which are currently available for sale on the Graphene Supermarket website. Lomiko will continue to participate in projects is currently reviewing several opportunities with Graphene Labs. Lomiko will also continue providing mineral samples from the Quatre Milles project, as required for further testing of the conversion of natural high-quality flake graphite to graphene.

Currently, Lomiko and Graphene Labs are working toward the integration of graphene-based products into end-user goods as set out in the alliance. Lomiko’s high-quality graphite and the extensive customer database cultivated by the experts at Graphene Labs will prove indispensable to reaching production and commercialization goals.

In light of the progress made, Graphene Labs and Lomiko decided to reconsider the terms of the alliance agreement. According to the original terms of the agreement, Lomiko was provided an opportunity to provide equity financing to Graphene Laboratories on an exclusive basis up to $2-million. At this time, Lomiko will not purchase an equity position directly in Graphene Labs due to market conditions and the effect of dilution at Lomiko’s current price. Instead, Graphene Laboratories and Lomiko will use available resources to pursue commercialization of the technology developed together. The details of the future collaboration of Lomiko and Graphene Labs in the alliance will be announced shortly.

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