Lomiko Metals Inc. (TSXV:LMR,OTC:LMRMF,FWB:DH8B) provided an update on its Strategic Alliance with Graphene Laboratories Inc. Currently, both companies are working towards the integration of graphene-based products into end-user goods, as set out in the Strategic Alliance. In light of the progress made, Lomiko Metals and Graphene Laboratories decided to reconsider the terms of the Alliance agreement and details will be announced shortly.
As quoted in the press release:
Currently Lomiko and Graphene Labs are working toward the integration of graphene-based products into end-user goods as set out in the Strategic 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 Laboratories 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 Laboratories in the Strategic Alliance will be announced shortly.