VANCOUVER, BC / ACCESSWIRE / January 13, 2021 /Lucky Minerals Inc.(TSXV:LKY)(OTC PINK:LKMNF)(FRA:LKY) ("Lucky" or the "Company") announces that it has arranged to sell, by way of a non-brokered private placement, up to 62,500,000 units of the Company (the "Units") at a price of C$0.08 per Unit (the "Offering Price") for gross proceeds of up to C$5,000,000 (the "Offering").
Each Unit will consist of one common share of the Company (a "Common Share") and one common share purchase warrant (a "Warrant") exercisable into one Common Share for a period of 24 months from the closing date of the Offering (the "Closing Date") at an exercise price of C$0.15 per Warrant.
The Company expects to pay a finder's fee (the "Finder's Fee") in cash and warrants (the "Compensation Warrants") in accordance with applicable TSX Venture Exchange guidelines and policies.
The Company intends to use the net proceeds of the Offering to continue the ongoing exploration activities on the Fortuna Property in southern Ecuador as well as for working capital and general corporate purposes.
The Offering is subject to the receipt of all necessary regulatory approvals, including the approval of the TSX Venture Exchange and may close in multiple tranches. All securities issued pursuant to the Offering will be subject to a four-month hold period in accordance with applicable Canadian securities laws.