$5.5 million financing on the way! 2020 Financial Statements and Management Discussion came out last Friday April 23, 2021 on Sedar.
2020 Financial Statements (audited)
Management's Discussion and Analysis
According to the most recent disclosures (and with the recent runup in share price), LME should be receiving new funding (from exercising of warrants) of $5.5 million in 2021 and atleast $2.3 million in 2022.
$1.4 million will be arriving in the next 2 weeks. Combine this with $2.67 million they had in the bank at the end of 2020, plus the $1.6 million they raised from the March 2021 private placement, seems like they have the capital resources to accerate / expand their drill program. At the very least, it seems like LME can be patient when it comes to raising their next equity financing...take their time to find the right investors to buy in at the right price.
| 2021 Warrants | | | |
| Price | Expiry | # warrants | funding |
| $0.14 | May 9, 2021 | 10,500,000 | $1,470,000 |
| $0.15 | Aug 12, 2021 | 2,916,666 | $437,500 |
| $0.15 | Sep 6, 2021 | 5,603,333 | $840,500 |
| $0.21 | Sep 30, 2021 | 2,991,175 | $628,147 |
| $0.24 | Oct 16, 2021 | 1,556,321 | $373,517 |
| $0.25 | Oct 31, 2021 | 2,486,858 | $621,715 |
| $0.26 | Dec 3, 2021 | 1,004,908 | $261,276 |
| $0.25 | Dec 6, 2021 | 3,000,736 | $750,184 |
| $0.25 | Dec 18, 2021 | 588,250 | $147,063 |
| | | 30,648,247 | $5,529,901 |
| | | | |
| 2022 Warrants | | | |
| Price | Expiry | # warrants | funding |
| $0.25 | Mar 12, 2022 | 6,386,344 | $1,596,586.00 |
| $0.24 | Mar 12, 2022 | 681,817 | $163,636.08 |
| $0.26 | Dec 30, 2022 | 2,312,000 | $601,120.00 |
| | | 9,380,161 | $2,361,342.08 |