Lomiko Metals is an interesting company in a sense that nothing is really happening there, which should draw an attention of the investor like Sheldon Inwentash. Actually, the only thing which is happening is that he is increasing his position in the company - maybe sometimes it could be enough to make it a solid story in the very beginning?
"Lomiko investor Inwentash buys two million shares.
PineTree Capital and its founder and CEO Sheldon Inwentash are very well known players amongst junior mining companies in Canada. The company was one of the first to invest in Lithium and REE sector.
Lomiko Metals had its own troubles after JOGMEC canceled its engagement in company's project in Nevada and later that project was drop all together by the company. This announcement shows that maybe there is some juice and ideas left in the Lomiko Metals with its lithium properties in Chile, Vines Lake Gold project in B.C., Rose and Cunningham Lake Soda ash Property and new investment in Mobile Power Corp. new technologies.
Endorsement from Sheldon Inwentash will make us to run our DD on this company one more time.
PineTree Capital also holds amongst other investments 5.5 million shares stake in TNR Gold in its portfolio according to its website.
"What is the common sense in the so different investment situations: when Erick Sprott buys into Avino Silver, Silver Wheaton buys into Revett Minerals, Lukas Lundin buys into NGeX Resources and invest more to keep its stake in Sunridge Gold, Panasonic buys into Tesla, Tongling buys into Canada Zinc Metals and Nova Gold sells 50% of 1 mil NON 43-101 historical resource of gold at Shotgun for shares of TNR Gold and significantly increase its position in that company? All these situations are common only in one, but very powerful in the investment world thing: industry and/or company insiders are buying in. Can they be mistaken - yes, by all means - but we like to follow the "smart" money."
2011-01-25 16:48 ET - News Release
Mr. Sheldon Inwentash reports
INWENTASH ACQUIRES SECURITIES OF LOMIKO METALS INC.
Sheldon Inwentash, on Jan. 24, 2011, has acquired ownership of two million common shares and one million common share purchase warrants of Lomiko Metals Inc. Each warrant entitles the holder thereof to acquire one additional common share at a price of 10 cents until Jan. 24, 2012. In the event that the warrants are fully exercised, these holdings represent approximately 6.6 per cent of the total issued and outstanding common shares of Lomiko as of Jan. 24, 2011, calculated on a partially diluted basis assuming the exercise of the warrants. As a result of this transaction, Mr. Inwentash and his joint actors collectively held, as at Jan. 24, 2011, an aggregate of 9,582,999 common shares of Lomiko, including the common shares and rights to acquire an additional 4,083,332 common shares of Lomiko upon the exercise of convertible securities, including the warrants. Of these totals, Mr. Inwentash owns 6,203,333 common shares, including the common shares, and rights to acquire an additional two million common shares upon exercise of certain convertible securities, including the warrants, directly. In the event that the convertible securities are fully exercised, the holdings of Mr. Inwentash and his joint actors represents a total of 13,666,331 common shares of Lomiko, or approximately 28.3 per cent of all issued and outstanding common shares as at Jan. 24, 2011, calculated on a partially diluted basis assuming the exercise of the convertible securities only. In the event that the Inwentash convertible securities are fully exercised, the direct holdings of Mr. Inwentash represent a total of 8,203,333 common shares of Lomiko, or approximately 17.7 per cent of all issued and outstanding common shares as at Jan. 24, 2011, calculated on a partially diluted basis assuming the exercise of the Inwentash convertible securities only.
These transactions were made for investment purposes, and Mr. Inwentash and his the joint actors could increase or decrease their respective investments in Lomiko depending on market conditions or any other relevant factor."