Lucky Minerals Inc. Announces Closing of Final Tranche of Private Placement
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LUCKY MINERALS INC. ANNOUNCES CLOSING OF FINAL TRANCHE OF PRIVATE PLACEMENT
Vancouver, Canada – October 26, 2018 – Lucky Minerals Inc. (TSXV: LKY) (the “Company”) announces closing of the final tranche of its ongoing private placement (the “Private Placement”) by the issuance of an additional amount of 957,720 units of the Company (each a “Unit”) issued at a price of $0.15 per Unit for gross proceeds of $143,658. Together with the first tranche closed on October 12, 2018, the Company has raised aggregate gross proceeds of $1,250,000 as the Private Placement was fully subscribed. Each Unit consists of one (1) common share in the share capital of the Company and one half (1/2) common share purchase warrant of the Company (the “Warrants”). Each whole Warrant entitles the holder thereof to purchase one common share in the share capital of the Company at an exercise price of $0.22 for a period of 24 months following the date of issuance. The closing of Private Placement is subject to TSX Venture Exchange final acceptance. Securities issued pursuant to the Private Placement are subject to a statutory hold period of four months and a day from the date of issuance.
One insider of the Company participated in this final tranche of the Private Placement and subscribed for an aggregate of 224,387 Units for gross proceeds of $33,658. Participation of insiders of the Company in the Private Placement constitutes a related party transaction as defined under Multilateral Instrument 61- 101 - Protection of Minority Security Holders in Special Transactions (“MI 61-101”). The Company is relying on the exemption from the formal valuation requirement found in Section 5.5(b) of MI 61-101 (Issuer Not Listed On Specified Markets) and also relying on the exemption from the minority approval requirement found in Section 5.7(1)(a) of MI 61-101 (Fair Market Value Not More Than 25% of Market Capitalization) and Section 5.7(b) of MI 61-101 (Fair Market Value Not More Than $2,500,000 for the Related Party).
All capitalized terms not otherwise defined in this undertaking have the meanings attributed to them in the press release of the Company filed on SEDAR and dated October 11, 2018 and October 12, 2018, which also provides complete details on the Private Placement.
The Company intends to use the net proceeds from the Private Placement for working capital and general corporate purposes.
About Lucky Minerals
An exploration and development company targeting large-scale mineral systems in proven districts with the potential to host world class deposits.
The Fortuna Project
Lucky Minerals holds a 100% interest in Fortuna, a 550 km2 property in the heart of a proven and highly mineralized mineral district in Ecuador but which has seen only limited exploration and has never been drilled.
Evidence of significant hydrothermal alteration & breccias, geochemical anomalies and placer mining supports potential for Cu/Au porphyry systems and epithermal Au deposits similar to numerous multi-million-ounce Au and bulk tonnage Cu deposits ~40km away.
The Emigrant Creek Project
Covers a 15 km2 area in an intensely altered and mineralized porphyry copper-gold-molybdenum system in southern Montana that could potentially host a multi-million-ounce gold deposit.
Nine highly mineralized breccia-pipes and two porphyry targets are known to exist within the company’s claims and have been variously explored by drilling, induced polarization geophysical surveys, rock chip sampling and geologic & alteration mapping.
Contact Information
Robert Rosner
Chief Financial Officer and Director Lucky Minerals Inc. [email protected]
Forward-looking Statements
This press release contains certain forward-looking statements within the meaning of applicable securities laws, including statements regarding the Private Placement. Words such as “expects”, “anticipates” and “intends” or similar expressions are intended to identify forward-looking statements. These forward-looking statements are based on Lucky Minerals’ current projections and expectations about future events and other factors management believes are appropriate. Although Lucky Minerals believes that the assumptions underlying these forward-looking statements are reasonable, they may prove to be incorrect, and readers cannot be assured that the Private Placement and the closing thereof will be consistent with these forward-looking statements. Actual results could differ materially from those projected in the forward-looking statements as a result of numerous factors, including certain risk factors, many of which are beyond Lucky Minerals’ control. Additional risks and uncertainties regarding Lucky Minerals are described in its publicly-available disclosure documents, filed by Lucky Minerals on SEDAR (www.sedar.com) except as updated herein. The forward-looking statements contained in this news release represent Lucky Minerals’ expectations as of the date of this news release, or as of the date they are otherwise stated to be made, and subsequent events may cause these expectations to change. Lucky Minerals undertakes no obligation to publicly update or revise any forward- looking statements, whether as a result of new information, future events or otherwise, except as may be required by law.
Neither the TSX Venture Exchange (the “Exchange”) nor its Regulation Services Provider (as that term is defined in the policies of the Exchange) accepts responsibility for the adequacy or accuracy of this release.
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