LUCKY ANNOUNCES CLOSING OF NON-BROKERED PRIVATE PLACEMENT
NEWS RELEASE
LUCKY ANNOUNCES CLOSING OF NON-BROKERED PRIVATE PLACEMENT FOR CDN$2,011,795
Vancouver, British Columbia, January 24, 2022 – Lucky Minerals Inc. (TSXV:LKY, OTC:LKMNF, FRA:LKY) Lucky” or the “Company”). Further to the news release dated January 6, 2022, Lucky is pleased to announce that it has closed a non-brokered private placement (the “Offering”) consisting of 22,353,278 units of the Company (the “Units”) at a price of CDN$0.09 per Unit for gross proceeds of CDN$2,011,795.02. Each Unit consists of one common share (“Common Share”) of the Company and one transferable common share purchase warrant (“Warrant”). Each Warrant will be exercisable to acquire one Common Share of the Company (“Common Share”) at a price of CDN $0.20 per Common Share for a period of 24 months from the date of issuance of the Warrant.
In connection to the Offering, the Company paid finder’s fees in cash of CDN$35,000 and issued 388,888 non-transferable compensation warrants (the “Compensation Warrants”). Each Compensation Warrant is exercisable into one Common Share at $0.15 per share until January 24, 2023.
The net proceeds of the Offering will be used to complete a 3,000 metre drill program on the Company’s Fortuna Project in Ecuador and for general working capital purposes.
In connection to the Offering, Lance Hubbard subscribed for a total of 14,325,555 Units. As a result, the Private Placement is a related party transaction (as such term is defined under Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions) (“MI 61-101”)). The Company relied upon exemptions from the valuation and minority shareholder approval requirements of Multilateral Instrument 61-101 contained in section 5.5(a) and 5.7(1)(a), respectively, with respect to the issuance of the Units to the insider.
All of the Common Shares, Warrants and Compensation Warrants issued in connection to the Offering are subject to a statutory hold period expiring four months and one day from the date of issuance.
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.
The Company’s Fortuna Project is comprised of twelve contiguous, 550 km2 (55,000 Hectares, or 136,000 Acres) exploration concessions. Fortuna is located in a highly prospective, yet underexplored, gold belt in southern Ecuador.
Covid-19 Safety Protocols
Lucky has strict rules in place for all workers arriving to and from field sites. All personnel are tested upon arriving and leaving and are tested every two weeks. All personnel are following COVID protocols with permanent disinfection procedures in place and are following correspondent social distancing while being isolated from the surrounding communities.
Further information on Lucky can be found on the Company’s website at www.luckyminerals.com and at www.sedar.com, or by contacting Franois Perron, President and CEO, by email at investors@luckyminerals.com or by telephone at (866) 924 6484.
Or by contacting:
Renmark Financial Communications Inc.
Daniel Gordon: dgordon@renmarkfinancial.com
Tel: (416) 644-2020 or (212) 812-7680
www.renmarkfinancial.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Statement Regarding Adjacent Properties and Forward-Looking Information
This news release contains forward-looking statements relating to the future operations of the Company and other statements that are not historical facts. Forward-looking statements are often identified by terms such as “will”, “may”, “should”, “anticipate”, “expects” and similar expressions. All statements other than statements of historical fact, included in this release, including, without limitation, statements regarding the future plans and objectives of the Company are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Such factors include, but are not limited to: uncertainties related to exploration and development; the ability to raise sufficient capital to fund exploration and development; changes in economic conditions or financial markets; increases in input costs; litigation, legislative, environmental and other judicial, regulatory, political and competitive developments; technological or operational difficulties or inability to obtain permits encountered in connection with exploration activities; and labor relations matters. This list is not exhaustive of the factors that may affect the Company’s forward-looking information. Important factors that could cause actual results to differ materially from the Company’s expectations also include risks detailed from time to time in the filings made by the Company with securities regulators.
The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company. The reader is cautioned not to place undue reliance on any forward-looking information. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The forward-looking statements contained in this news release are made as of the date of this news release and the Company will not update or revise publicly any of the included forward-looking statements unless required by Canadian securities law.