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by Mike Caswell

Lomiko Metals Inc. is one step closer to identifying a fraudster who intercepted $500,000 in money from a private placement from October, 2025. The company has obtained an order in the Supreme Court of British Columbia directing the Bank of Nova Scotia to hand over particulars of an account used to commit the fraud. The bank must also state how much of the money remains.

The order comes as part of a case in which Lomiko claimed that it lost $500,000 it had raised in a private placement of five million shares, which had closed on Oct. 20, 2025. Lomiko said that it delivered the shares to the brokerage, Ventum Financial Corp., and awaited a transfer of the money. The problems, as described in court filings, arose with the subsequent wire transfer. According to Lomiko, the proceeds of the financing did not arrive in its bank account as expected. The brokerage then advised Lomiko that an unknown third party had instructed the brokerage to deliver the money to an account that did not belong to Lomiko.

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