Microcap Report: Lomiko Metals (V.LMR), Baja Mining (V.BAJ) active

Lomiko Metals (TSX: V.LMR, Stock Forum) jumped 15.4% to 7.5 cents Friday in active trading after the company considerably increased its equity in Graphene 3D Lab (TSX: V.GGG, Stock Forum). Lomiko said it had received approval from the TSX Venture Exchange for the acquisition of 1.2 million common shares of MatNic Resources at $0.25 per share. The acquisition was subject to regulatory approval of MatNic's reverse takeover by Graphene 3D.

According to the news release, as a result of the transaction, the company how holds 4.4 million common shares in the capital of Graphene 3D, approximately 11.23% of the outstanding shares in Graphene 3D.

Baja Mining Corp. (TSX: V.BAJ, Stock Forum) shares fell 23% to 5 cents after the company said it has been advised that further delays may occur in relation to the completion of construction and production of copper at the Beleo project in Mexico.

The Boleo project, located in Baja Califonia Sur, has been limping along since April 2012 when the company announced projected cost overruns in excess of $200 million to bring the project to production. The company then struggled over the following two years as it ran through a financing and logistical gauntlet which saw lawsuits, a TSX de-listing, the resignation of its CEO and a share price drop of ~110%.

Baja also said in a press release it has been advised that Korea Resources Corp. has provided a US$20 million bridge loan to Minera y Metalurica del Boleo S.A. P.I. de C.V. (MMB) to fund ongoing construction at the site. The loan is intended to provide interim funding until external financing of up to US$200 million is secured.