Global Battery Materials has agreed to acquire Lomiko Metals in an all-cash transaction valued at approximately C$11 million on a fully diluted basis.
Lomiko shareholders will receive C$0.13 per share, representing a 71% premium to the company’s 20-day volume-weighted average trading price through July 27, 2026.
The acquisition will be completed through a court-approved arrangement under British Columbia corporate law.
Global Battery Materials is developing a North American supply chain that extends from natural graphite resources to active anode materials used in lithium-ion batteries.
The acquisition will add Lomiko’s La Loutre Graphite Project, Yellow Fox Property and other Canadian graphite assets to Global Battery Materials’ portfolio.
La Loutre is located approximately 180 kilometers northwest of Montreal and includes 76 mineral exploration rights covering roughly 4,528 hectares.
Global Battery Materials plans to review the project as a potential long-term source of graphite for its anode processing operations. Its proprietary processing technology has been validated at a pilot plant in South Korea and is being positioned for expansion in North America.
Lomiko’s board approved the acquisition following a recommendation from an independent special committee and receipt of a fairness opinion.
Shareholders representing approximately 18.19% of Lomiko’s outstanding shares, including its directors and executives, have entered into agreements supporting the transaction.
The deal requires shareholder, court, regulatory and third-party approvals. Closing is expected during the fourth quarter of 2026.
Following completion, Lomiko’s shares are expected to be delisted from the TSX Venture Exchange, and the company will seek to end its public reporting obligations.
Global Battery Materials has also agreed to provide Lomiko with a senior secured bridge loan of up to C$800,000 for working capital before the acquisition closes.
The facility may be increased to C$1.2 million under specified circumstances, carries an annual interest rate of 8% and matures no later than 18 months after the initial advance.
The agreement includes a C$425,000 termination fee payable by Lomiko under certain conditions, including acceptance of a superior acquisition proposal.
EY-Parthenon is advising Lomiko’s special committee and board, while Evans & Evans provided the fairness opinion. Fasken is serving as Lomiko’s legal counsel, and Cassels is advising Global Battery Materials.
KEY QUOTES:
“The transaction provides immediate value to our shareholders while placing the La Loutre Graphite Project within an organization that combines Canadian graphite resources with advanced anode processing technology.”
Gordana Slepcev, CEO and Director of Lomiko Metals
“This acquisition marks another decisive step in our strategy to consolidate the fragmented battery supply chain and build a fully integrated graphite platform spanning mine to anode.”
Eric Miller, CEO and Director of Global Battery Materials
