Lucky Minerals Announces Closing of Second and Final Tranch VANCOUVER, BC / ACCESSWIRE / February 22, 2021 / Lucky Minerals Inc. (TSXV:LKY)(OTC Pink:LKMNF)(FRA:LKY) ("Lucky" or the "Company") is pleased to announce that, further to its news releases of January 13, 2021 and February 17, 2021, it has completed the second tranche of its private placement (the "Offering") for gross proceeds of $464,800. The second tranche closing consisted of 5,810,000 units (the "Units") at a price of $0.08 per Unit. Each Unit consists of one common share in the capital of the Company (a "Share") and one share purchase warrant (a "Warrant"). Each Warrant will entitle the holder to purchase one Share at a price of $0.15 exercisable until February 19, 2023. The Company has raised a total of $2,448,448 under the two tranches of the Offering.
All securities issued in connection with this second tranche closing are subject to a hold period of four months plus a day, expiring June 20, 2021 in accordance with applicable securities legislation. In connection with the second tranche of the offering, the Company paid finder's fees consisting of a cash commission of $19,684 and 246,050 compensation warrants (the "Compensation Warrants"). Each Compensation Warrant is exercisable into one Share at $0.08 per share until February 19, 2022.
The net proceeds of the second tranche of the Offering will be used for exploration on the Company's Fortuna Project in Ecuador and general working capital.
About Lucky
Lucky is an exploration and development company targeting large-scale mineral systems in proven districts with the potential to host world class deposits. Lucky owns a 100% interest in the Fortuna property in Ecuador, which is its primary exploration project.
The Company's Fortuna Project is a royalty-free 550km
2 (55,000 Ha, or 136,000 Acres) exploration concession. Fortuna is located in a highly prospective, yet underexplored, gold belt in southern Ecuador. Lucky has entered into a memorandum of understanding on Fortuna with First Quantum Minerals Ltd. ("First Quantum") whereby First Quantum is able to earn up to 70% on primary copper targets