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Lucky Minerals Inc
Symbol C : LKY
Shares Issued 83,026,783
Close 2018-10-11 C$ 0.13
Recent Sedar Documents

Lucky Minerals closes $1.06M first tranche of placement

2018-10-11 19:04 ET - News Release

Mr. Robert Rosner reports

LUCKY MINERALS INC. ANNOUNCES CLOSING OF NON-BROKERED PRIVATE PLACEMENT

Lucky Minerals Inc. has completed a first tranche of its non-brokered private placement by the issuance of 7,075,612 units issued at a price of 15 cents per unit for gross proceeds of $1,061,342. Each unit consists of one common share in the share capital of the company and one-half common share purchase warrant of the company. Each whole warrant entitles the holder thereof to purchase one common share in the capital of the company at an exercise price of 22 cents for a period of 24 months following the closing date of the private placement. A finder's fee of 8 per cent in cash, as well as a corporate finance fee of $2,500, is payable on a portion of the units in association with the closing of the private placement, the whole totalling $9,825. The closing of the private placement and the payment of finders' fees are subject to TSX Venture Exchange 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.

Two insiders of the company participated in the private placement and subscribed for an aggregate of 2,009,446 units for gross proceeds of $301,416.94. 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). 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 per cent of Market Capitalization) and Section 5.7(b) of MI 61-101 (Fair Market Value Not More Than $2.5-million for the Related Party).

The company intends to use the net proceeds from the private placement for working capital and general corporate purposes.

About Lucky Minerals Inc.

Lucky Minerals is a venture-stage exploration company that is targeting a 550-square-kilometre property in the heart of a proven and highly mineralized mineral district in Ecuador known as the Fortuna project, which has seen only limited exploration and has never been drilled. Evidence of significant hydrothermal alteration and breccias, geochemical anomalies, and placer mining supports potential for copper-gold porphyry systems and epithermal Au deposits similar to numerous multimillion-ounce Au and bulk tonnage Cu deposits about 40 kilometres away.

We seek Safe Harbor.

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