Lucky Minerals Inc (CVE:LKY) (OTCMKTS:LKMNF) (FRA:LKY1) has announced a private placing to raise up to C$5 million gross to continue its exploration at the Fortuna property in southern Ecuador and for working capital.
The company is set to sell up to 62.5 million units at C$0.08 each, it said in a statement.
READ: Lucky Minerals finds three zones with bulk tonnage potential at Sherman prospect, Ecuador
Each unit comprises one share and one share purchase warrant, which is exercisable into one share for two years from closing at a price of C$0.15 per warrant.
The Fortuna project is a royalty-free 550 square kilometers (sq km) exploration concession in a highly prospective, yet underexplored, gold belt in southern Ecuador.
Lucky has a deal on Fortuna with First Quantum Minerals Ltd (TSE:FM) (OTCMKTS:FQVLF) (FRA:IZ1), whereby First Quantum can earn up to 70% on primary copper targets.
The company also has the Emigrant Creek project, which covers a 15 sq km area in southern Montana, USA.
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